US-based advanced biofuels and biomass conversion process developers Gevo Inc., has announced that it has closed the previously announced public offering of an aggregate of 30 million shares of common stock (or common stock equivalents), together with accompanying warrants to purchase up to an aggregate of 30 million shares of common stock, at a public offering price of US$0.60 per share and accompanying warrant.
Each share of common stock (or common stock equivalent) was sold in the offering with one warrant to purchase one share of common stock. The warrants have an exercise price of US$0.60 per share, are immediately exercisable, and expire five years following the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds of the offering were US$18.0 million, prior to deducting placement agent’s fees and other offering expenses payable by Gevo and assuming none of the warrants issued in the offering are exercised for cash.
Gevo is commercializing the next generation of renewable premium gasoline, jet fuel, and diesel fuel with the potential to achieve zero carbon emission and intends to use the net proceeds from the offering for general corporate purposes.