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
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Amount: | $15,638,000
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Sept. 13, 2021
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Warrant strike price: | $0.55
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Bookrunner: | Oppenheimer & Co.
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Announcement date: | Sept. 7
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Pricing date: | Sept. 8
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Settlement date: | Sept. 13
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Stock symbol: | Nasdaq: GEVO
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Stock price: | $0.70 at close Sept. 7
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Market capitalization: | $53.45 million
|
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Series E units
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Amount: | $13.64 million
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Units: | 24.8 million
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Price: | $0.55
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Series F units
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Amount: | $1,998,000
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Units: | 3.7 million
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Price: | $0.54
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