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Gevo Inc announces pricing of public offering of common stock and warrants


Wednesday, 11 Dec 2013 09:16am EST 

Gevo Inc:Says it has priced its underwritten public offering of common stock units.Says it has agreed to sell 18,525,000 common stock units.Says each common stock unit consists of one share of common stock and a warrant to purchase one share of common stock, at a public offering price of $1.35 per common stock unit.Says Gevo has granted the underwriter a 30-day option to purchase up to an additional 2,778,750 shares of common stock and/or warrants to purchase up to 2,778,750 shares of common stock to cover over-allotments, if any.Says each warrant included in a common stock unit will have an exercise price of $1.85 per share.Says the gross proceeds to Gevo from this offering are expected to be about $25 million, not including any future proceeds from the exercise of the warrants.Says Gevo intends to use the net proceeds from the offering, excluding any future proceeds from the exercise of the warrants, to ramp up startup production and sales at its Luverne, Minn. plant.Says Gevo also intends to use a portion of the net proceeds from the offering to repay $5.1 million in its outstanding long-term debt obligations under its loan agreement.Says may also use a portion of the net proceeds from the offering to fund working capital and for other general corporate purposes, which may include paying down additional long-term debt obligations.Says in connection with the offering, Piper Jaffray & Co. is acting as sole manager. 

Company Quote

0.315
0.0224 +7.66%
10:28am EST