Sells 2.05 million series A units, 8 million series B units
By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – Gevo, Inc. priced a $10 million public offering of stock and warrants, according to a press release.
The company sold 2.05 million series A units, each consisting of one share of common stock and a series D warrant to purchase one share of common stock, at a price of $1.00.
It also sold 8 million series B units, each consisting of a pre-funded series E warrant to purchase one share of common stock and a series D warrant to purchase one share of common stock, at a price of $0.99.
The series D warrants will be exercisable at a price of $1.40 per share, beginning on June 11, 2016 and expiring on Dec. 11, 2020.
The series E warrants will have an exercise price of $1.00 per share, which will be pre-paid upon issuance, except for a nominal exercise price of $0.01 per share. The series E warrants will be exercisable from their issue date and will expire on Dec. 11, 2016.
The company said the shares of common stock and the warrants will be immediately separable and will be issued separately.
Oppenheimer & Co. Inc. is the bookrunner.
Proceeds will be used for working capital, including capital expenditures at its Luverne, Minn., facility, and for other general corporate purposes.
Gevo is an Englewood, Colo., renewable chemicals and advanced biofuels company.
| Issuer: | Gevo, Inc.
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| Issue: | Stock and warrants
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| Amount: | $10 million
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| Pricing date: | Dec. 7
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| Bookrunner: | Oppenheimer & Co. Inc.
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| Co-managers: | Northland Capital Markets and Rodman & Renshaw
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| Symbol: | Nasdaq: GEVO
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| Stock price: | $1.02 at close on Dec. 8
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| Market capitalization: | $21 million
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| Series A units
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| Amount: | 2.05 million
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| Price: | $1.00
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| Warrants: | For one share per unit
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| Warrant expiration: | Dec. 11, 2020
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| Warrant strike price: | $1.00
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| Series B units
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| Amount: | 8 million
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| Price: | $0.99
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| Warrants: | One series D warrant, one series E warrant per unit
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| Warrant expiration: | Series D, Dec 11, 2020; Series E, Dec. 11, 2016
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| Warrant strike price: | Series D, $1.00; Series E, $1.00 prefunded, $0.01 when exercised
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