Gevo closes on $321M registered direct offering to fund projects and general corporate purposes

Gevo Inc (NASDAQ:GEVO) announced Monday it has closed on a registered direct offering that raised more than $321 million to fund projects and for general corporate purposes.

Under the financing scheme, the Englewood, Colorado-based company said it sold 43.75 million shares at $8 each priced at-the-market under Nasdaq rules.

HC Wainwright & Co acted as the exclusive placement agent for the offering. Citigroup acted as capital markets advisor to Gevo. Stifel and Roth Capital Partners also acted as advisors to Gevo.

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After deducting placement agent’s fees, advisory fees, and other offering expenses payable by Gevo, the company said it received net proceeds of approximately $321.7 million.

Gevo is commercializing the next generation of gasoline, jet fuel, and diesel fuel with the potential to achieve zero carbon emissions, addressing the market need to reduce greenhouse gas emissions with sustainable alternatives.

The company recently announced that it has optioned the right to purchase nearly 239 acres of land near Lake Preston, South Dakota for a planned fuel production facility.

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Story by ProactiveInvestors