Gevo Pays off Whitebox Convertible Senior Secured Notes
07 January 2021 - 1:00AM
Gevo, Inc. (NASDAQ: GEVO), announced today that as
of December 31, 2020 it had paid off the entire outstanding balance
of $12.7 million of Gevo’s 12.0% Convertible Senior Secured Notes
(the “Notes”) exchanged and issued to Whitebox Advisors LLC
(“Whitebox”) on January 10, 2020.
On December 23, 2020 and December 29, 2020, the holders of the
Notes converted the remaining $12.7 million in aggregate
outstanding principal amount of Notes (including the applicable
make-whole payment) into an aggregate of 5,672,654 shares of common
stock pursuant to the terms of the indenture, which represented the
entire outstanding principal amount of the Notes. The conversion of
the Notes saved Gevo $12.7 million in cash and reduced the general
corporate secured debt balance to zero.
“Full repayment of the Whitebox notes demonstrates the continued
strengthening of the Company’s balance sheet,” commented Lynn
Smull, Gevo’s Chief Financial Officer.
“It feels good to have Whitebox paid off. They have been a great
partner for Gevo and I appreciate the opportunity to have worked
with them,” said Dr. Patrick R. Gruber, Gevo’s Chief Executive
Officer.About Gevo
Gevo is a company with technology to transform renewable energy
into low carbon liquid transportation fuels. This next generation
of renewable premium gasoline, jet fuel and diesel fuel has the
potential to achieve zero carbon emissions, addressing the market
need of reducing greenhouse gas emissions with sustainable
alternatives. By capturing photosynthetic energy, renewable carbon
and a mixture of additional renewable energy sources, Gevo uses
proprietary technology to produce the hydrocarbons for gasoline,
jet fuel, and in the future, diesel fuel. Gevo’s products perform
as well or better than traditional fossil-based fuels in
infrastructure and engines but have the potential to reduce or even
eliminate the net tailpipe greenhouse gas emissions from cars,
planes, and trucks. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented, technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low carbon products such as gasoline components, jet fuel, and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion-dollar
business. Learn more at our website: www.gevo.com
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, statements related to Gevo’s repayment of the Notes,
the benefits associated with repayment of the Notes, Gevo’s ability
to finance its business, Gevo’s ability to enter into additional
offtake agreements 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, 2019 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.
Investor & Media ContactIR@gevo.com+1 720-647-9605
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