Gevo Inc (NASDAQ:GEVO), a next generation low-carbon fuel company, has announced the pricing for an $18 million upsized public offering to boost the company’s coffers and help defray general corporate costs.
In a statement, the Englewood, Colorado-based company said it has priced a public offering of an aggregate of 30 million shares, together with accompanying warrants to purchase up to an aggregate of 30 million shares of common stock, at a public offering price of $0.60 per share and accompanying warrant.
Each share, or common stock equivalent will be sold in the offering with one warrant to purchase one share. The company said the warrants have “an exercise price of $0.60 per share, are immediately exercisable, and expire five years” following the date of issuance.
HC Wainwright & Co is acting as the exclusive placement agent for the offering.
The gross proceeds of the offering are expected to be $18 million, prior to deducting placement agent’s fees and other expenses, assuming none of the warrants issued in the offering are exercised for cash.
The offering is expected to close on or about July 6 subject to customary closing conditions. A preliminary prospectus relating to the offering has been filed with the US Securities and Exchange Commission (SEC).
Gevo is commercializing the next generation of gasoline, jet fuel, and diesel fuel with the potential to achieve zero carbon emissions, addressing the market need to reduce greenhouse gas emissions with sustainable alternatives.
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