Gevo Inc (NASDAQ:GEVO) announced Wednesday that, as of December 31, 2020, the company has paid off the outstanding balance of $12.7 million in 12% convertible senior secured notes exchanged and issued to Whitebox Advisors LLC last January.
On December 23 and December 29, the holders of the notes converted the remaining $12.7 million into an aggregate of 5.6 million shares of Gevo common stock. The conversion saved Gevo $12.7 million in cash and reduced the group's general corporate secured debt balance to zero.
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“Full repayment of the Whitebox notes demonstrates the continued strengthening of the company’s balance sheet,” Gevo CFO Lynn Smull said in a statement.
“It feels good to have Whitebox paid off,” the group's CEO Patrick Gruber added. “They have been a great partner for Gevo and I appreciate the opportunity to have worked with them.”
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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