Gevo Stockholders Approve Reverse Split
16 December 2016 - 1:00AM
Gevo, Inc. (NASDAQ:GEVO), announced that today stockholders
approved an amendment to its Amended and Restated Certificate of
Incorporation to effect a reverse stock split of the outstanding
shares of common stock, by a ratio of not less than one-for-two and
not more than one-for-twenty at any time on or prior to January 6,
2017, with the exact ratio to be set at a whole number within this
range by the Board of Directors in its sole discretion.
Gevo intends to announce the exact ratio for the
reverse stock split as soon as it has been determined by the Board
of Directors.
“This is an important result for Gevo as we expect it will allow
us to maintain our listing on the NASDAQ Capital Market, thus
preserving the liquidity of our stock. More importantly, not being
listed on a national securities exchange would potentially have
allowed certain holders of our convertible notes to accelerate the
repayment of their debt. We ended last quarter with approximately
$31.1 million of cash, and we would much prefer using these funds
for growing the business rather than using it all to pay off
creditors. I would like to thank our stockholders for their ongoing
support of Gevo and we look forward to continuing the company’s
path towards profitability,” said Pat Gruber, Gevo’s Chief
Executive Officer.
About Gevo
Gevo is a renewable technology, chemical products, and next
generation biofuels company. Gevo has developed proprietary
technology that uses a combination of synthetic biology, metabolic
engineering, chemistry and chemical engineering to focus primarily
on the production of isobutanol, as well as related products from
renewable feedstocks. Gevo’s strategy is to commercialize bio-based
alternatives to petroleum-based products to allow for the
optimization of fermentation facilities’ assets, with the ultimate
goal of maximizing cash flows from the operation of those assets.
Gevo produces isobutanol, ethanol and high-value animal feed at its
fermentation plant in Luverne, Minnesota. Gevo has also developed
technology to produce hydrocarbon products from renewable alcohols.
Gevo currently operates a biorefinery in Silsbee, Texas, in
collaboration with South Hampton Resources Inc., to produce
renewable jet fuel, octane, and ingredients for plastics like
polyester. Gevo has a marquee list of partners including The
Coca-Cola Company, Toray Industries Inc. and Total SA, among
others. Gevo is committed to a sustainable bio-based economy that
meets society’s needs for plentiful food and clean air and
water.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which include statements relating to the continued
listing of Gevo’s stock on the Nasdaq Capital Market and the effect
of the reverse stock split and use of cash, are made on the basis
of the current beliefs, expectations and assumptions of the
management of Gevo and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and Gevo
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although Gevo believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2015, and in subsequent reports on Forms 10-Q
and 8-K and other filings made with the U.S. Securities and
Exchange Commission by Gevo.
Gevo Media Contact
David Rodewald
The David James Agency, LLC
+1 805-494-9508
gevo@davidjamesagency.com
Gevo Investor Contact:
Shawn M. Severson
EnergyTech Investor, LLC
+1 415-233-7094
gevo@energytechinvestor.com
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