Gevo Inc (NASDAQ:GEVO) revealed on Wednesday that it has struck definitive agreements with institutional and accredited investors for the sale of around 43.75 million shares through a registered direct offering to raise gross proceeds of $350 million to fund projects and as working capital.
The Englewood, Colorado-based company said it entered into the agreements with institutional and accredited investors for the sale of 43,750,000 shares at a purchase price of $8 per share in a registered direct offering priced at-the-market under Nasdaq rules.
The offering is expected to close on or about January 22, 2020, subject to the satisfaction of customary closing conditions.
“The gross proceeds of the offering are expected to be $350 million, prior to deducting placement agent’s fees and other offering expenses payable by Gevo,” said the company in a statement.
Gevo said it intends to use the net proceeds from the offering to “fund capital projects, working capital and for general corporate purposes.”
HC Wainwright & Company is acting as the exclusive placement agent for the offering, while Citigroup is acting as capital markets advisor to Gevo.
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.
Gevo 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.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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