Gevo Announces Proposed Public Offering of Common Stock and Warrants
14 February 2017 - 8:05AM
Gevo, Inc. (NASDAQ:GEVO) announced today that it intends to
offer and sell, subject to market and other conditions, Series G
units, with each Series G unit consisting of one share of common
stock, Series K warrants to purchase a certain number of shares of
common stock and Series M warrants to purchase a certain number of
shares of common stock. The Company is also offering Series H
units, in lieu of Series G units, to those purchasers whose
purchase of additional Series G units in the offering would result
in the purchaser beneficially owning more than 4.99% of the
Company’s outstanding common stock following the completion of the
offering. The Series H units will consist of pre-funded Series L
warrants to purchase one share of common stock, Series K warrants
to purchase a certain number of shares of common stock and Series M
warrants to purchase a certain number of shares of common stock.
The units are to be sold by Gevo subject to market and other
conditions in an underwritten public offering.
Gevo currently intends to use 15% of the net proceeds from
the offering, excluding any future proceeds from the exercise of
the warrants, to pay down a portion of its outstanding 10%
convertible senior secured notes due 2017, with the balance to be
used to fund working capital and for other general corporate
purposes.
In connection with the offering, Oppenheimer & Co.
Inc. is acting as sole book-running manager. Rodman
& Renshaw, a unit of H.C. Wainwright & Co., is
acting as co-manager in connection with the offering.
A shelf registration statement relating to the shares of common
stock and warrants to be issued in the proposed offering has been
filed with the Securities and Exchange Commission (SEC)
and is effective. A preliminary prospectus supplement and
accompanying prospectus describing the terms of the proposed
offering will be filed with the SEC. Copies of the preliminary
prospectus supplement and the accompanying prospectus relating to
the securities being offered may also be obtained
from Oppenheimer & Co. Inc. Attention: Syndicate
Prospectus Department, 85 Broad Street,
26th Floor, New York, NY 10004, or by telephone
at (212) 667-8563, or by email
at EquityProspectus@opco.com. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus will
also be available on the SEC’s website
at www.sec.gov.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted. Any
offer or sale will be made only by means of a prospectus which has
or will be filed with the SEC.
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 biobased
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 relate to a variety of matters, including, without
limitation, Gevo’s expectations regarding the sale of shares of its
common stock and warrants in the proposed public offering, its use
of the proceeds from the proposed offering and other statements
that are not purely statements of historical fact. These
forward-looking statements 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, as amended, and in subsequent reports
on Forms 10-Q and 8-K and other filings made with
the SEC by Gevo.
Media Contact
David Rodewald
The David James Agency, LLC
+1 805-494-9508
gevo@davidjamesagency.com
Investor Contact
Shawn M. Severson
EnergyTech Investor, LLC
+1 415-233-7094
gevo@energytechinvestor.com
@ShawnEnergyTech
www.energytechinvestor.com
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