Gevo Announces 38.4M Share Registered Direct Offering Priced @$1.30/Share
Benzinga · 08/21/2020 09:40
Gevo, Inc. ("Gevo") (NASDAQ: GEVO), today announced that it has entered into definitive agreements with institutional and accredited investors for the sale of an aggregate of 38,461,545 shares of common stock (or common stock equivalents) at a purchase price of $1.30 per share in a registered direct offering priced at-the-market under Nasdaq rules. The offering is expected to close on or about August 25, 2020, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds of the offering are expected to be approximately $50 million, prior to deducting placement agent's fees and other offering expenses payable by Gevo. Gevo intends to use the net proceeds from the offering to fund working capital and for general corporate purposes, which may include the repayment of outstanding indebtedness.