Gevo, Inc. Announces Pricing of $18.0 Million Upsized Public Offering
June 30 2020 - 10:25PM
Gevo, Inc. (“Gevo”) (Nasdaq: GEVO), today announced that it has
priced a public offering of an aggregate of 30,000,000 shares of
common stock (or common stock equivalents), together with
accompanying warrants to purchase up to an aggregate of 30,000,000
shares of common stock, at a public offering price of $0.60 per
share and accompanying warrant. Each share of common stock
(or common stock equivalent) will be sold in the offering with one
warrant to purchase one share of common stock. The warrants
have an exercise price of $0.60 per share, are immediately
exercisable, and expire five years following the date of
issuance.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds of the offering are expected
to be $18.0 million, prior to deducting placement agent’s fees and
other offering expenses payable by Gevo and assuming none of the
warrants issued in the offering are exercised for cash. The
offering is expected to close on or about July 6, 2020, subject to
the satisfaction of customary closing conditions.
Gevo intends to use the net proceeds from the
offering for general corporate purposes.
The securities described above are being offered
by Gevo pursuant to a registration statement on Form S-1 (File No.
333-238548) previously filed with and declared effective by the
U.S. Securities and Exchange Commission (“SEC”) on June 30, 2020,
and an additional registration statement on Form S-1 filed pursuant
to Rule 462(b) (File No. 333-239587), which became automatically
effective on June 30, 2020. The offering is being made only by
means of a prospectus forming part of the effective registration
statement. A preliminary prospectus relating to the offering has
been filed with the SEC. When available, electronic copies of the
final prospectus relating to the offering may be obtained for free
by visiting the SEC’s website at www.sec.gov or by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York,
New York 10022, by email at placements@hcwco.com or by telephone at
646-975-6996.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About GevoGevo is
commercializing the next generation of renewable premium gasoline,
jet fuel and diesel fuel with the potential to achieve zero carbon
emissions, addressing the market need of reducing greenhouse gas
emissions with sustainable alternatives. Gevo uses low-carbon
renewable resource-based carbohydrates as raw materials, and is in
an advanced state of developing renewable electricity and renewable
natural gas for use in production processes, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their lifecycle). Gevo’s products perform
as well or better than traditional fossil-based fuels in
infrastructure and engines, but with substantially reduced
greenhouse gas emissions. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented, technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce
price-competitive low carbon products such as gasoline components,
jet fuel, and diesel fuel yields the potential to generate project
and corporate returns that justify the build-out of a multi-billion
dollar business. Learn more at our website: www.gevo.com
Forward-Looking
StatementsCertain statements in this press release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to a variety of matters,
including, without limitation, statements related to public
offering of securities described herein and the pricing of the
public offering. These forward-looking statements are made on the
basis of the current beliefs, expectations and assumptions of the
management of Gevo and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and Gevo
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although Gevo believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2019 and in subsequent reports on Forms 10-Q and
8-K and other filings made with the U.S. Securities and Exchange
Commission by Gevo.
Investor and Media ContactShawn M. SeversonIntegra Investor
Relations+1 415-226-7747info@integra-ir.com
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