Gevo (NASDAQ:GEVO) shares are trading lower on Friday after the company announced a registered direct offering of 38.4 million shares priced at $1.30 per share.
Gevo is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development / Agri-Energy segment.
By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology.
Gevo's stock traded down 19.78% at $1.46 per share at the time of publication on Friday. The stock has a 52-week high of $3.60 and a 52-week low of 46 cents.