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Gevo garners $22.6mn from IPO & warrants
17
Dec '13
Gevo, Inc., a leading renewable chemicals and next-generation biofuels company, announced the closing of its previously announced public offering of 18,525,000 common stock units, at a price to the public of $1.35 per unit.

Each common stock unit consists of one share of common stock and a warrant to purchase one share of common stock, which are immediately separable and were issued separately.

Gevo also issued warrants to purchase an additional 2,778,750 shares of common stock pursuant to the exercise of an over-allotment option granted to the underwriter. The aggregate net proceeds to Gevo from the offering are expected to be approximately $22.6 million, after deducting underwriting discounts and commissions and estimated offering costs.

Certain of Gevo's directors, officers and existing stockholders, including Total Energy Ventures International, Khosla Ventures and affiliates, Virgin Green Fund I, L.P. and Malaysian Life Sciences Capital Fund Ltd., or their respective affiliates, participated in the offering.

Gevo used a portion of the net proceeds from the offering to repay $5.1 million in outstanding long-term debt obligations. Gevo intends to use the remaining net proceeds from the offering to ramp up startup production and sales at its Luverne, Minn. plant and may also use a portion of the net proceeds from the offering to fund working capital and for other general corporate purposes, which may include paying down additional long-term debt obligations.

About Gevo

Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into bio-refineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits. Gevo is committed to a sustainable bio-based economy that meets society's needs for plentiful food and clean air and water.

Gevo

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