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Gevo prices public offering at $0.60/stock unit
06
Aug '14
Pursuant to its earlier announcement of its intention to offer and sell common stock units, Gevo, Inc. a leading renewable chemicals and next-generation biofuels company has now priced its underwritten public offering of common stock units.

The gross proceeds to Gevo from this offering are expected to be approximately $18 million, not including any future proceeds from the exercise of the warrants.

Gevo has agreed to sell 30,000,000 common stock units. Each common stock unit consists of one share of common stock and a warrant to purchase 0.5 shares of common stock, at a public offering price of $0.60 per common stock unit.

Each warrant included in a common stock unit will have an exercise price of $0.85 per share, will be exercisable from the date of original issuance and will expire on August 5, 2019. The shares of common stock and the warrants will be immediately separable and will be issued separately.

Gevo currently intends to use the net proceeds from the offering, excluding any future proceeds from the exercise of the warrants, to fund capital to complete the side-by-side configuration of its Luverne, MN facility, to fund working capital and for other general corporate purposes.

The offering of common stock units was made pursuant to Gevo's shelf registration statement filed with the Securities and Exchange Commission (SEC) and declared effective, and is expected to close on or about August 5, 2014, subject to customary closing conditions.

Cowen and Company, LLC is acting as sole manager.

Fibre2fashion News Desk - India

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