Proceeds used for working capital, other general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 8 – Gevo, Inc. said it priced a $15.64 million public offering of units with a $2.25 million greenshoe. The offering was announced Wednesday.
The company will sell 24.8 million series E units of one common share and a half-share warrant at $0.55 per unit and 3.7 million series F units of one prefunded warrant and a half-share warrant at $0.54 per unit.
Each whole warrant will be exercisable at $0.55 until Sept. 13, 2021. The strike price is a 21.43% discount to the Sept. 7 closing share price of $0.70.
Oppenheimer & Co. is the bookrunner.
Settlement is expected Sept. 13.
Proceeds will be used for working capital and other general corporate purposes.
Gevo is an Englewood, Colo., renewable chemicals and advanced biofuels company.
| Issuer: | Gevo, Inc.
|
| Issue: | Series E units of one common share and a half-share warrant, series F units of one prefunded warrant and a half-share warrant
|
| Amount: | $15,638,000
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Sept. 13, 2021
|
| Warrant strike price: | $0.55
|
| Bookrunner: | Oppenheimer & Co.
|
| Announcement date: | Sept. 7
|
| Pricing date: | Sept. 8
|
| Settlement date: | Sept. 13
|
| Stock symbol: | Nasdaq: GEVO
|
| Stock price: | $0.70 at close Sept. 7
|
| Market capitalization: | $53.45 million
|
|
|
| Series E units
|
| Amount: | $13.64 million
|
| Units: | 24.8 million
|
| Price: | $0.55
|
|
|
| Series F units
|
| Amount: | $1,998,000
|
| Units: | 3.7 million
|
| Price: | $0.54
|
|
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