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Gevo secures $50 million at-the-market offering to pay down debt

The Colorado-based company is offering more than 38.4 million shares of common stock and equivalents at a price of $1.30 per share

Moneybags changing hands
Gevo is commercializing the next generation of gasoline, jet fuel, and diesel fuel with the potential to achieve zero carbon emissions

Gevo Inc (NASDAQ:GEVO), a low-carbon fuel company, announced late Thursday that it has reached an agreement to move forward with a direct at-the-market offering worth roughly $50 million.

The Colorado-based company is offering more than 38.4 million shares of common stock and equivalents at a price of $1.30 per share. The deal is expected to close on August 25, the company said. 

Gevo said it plans to put the money toward working capital and general corporate purposes, including the repayment of debt. 

READ: Gevo exceeds $1.5B in long-term revenue contracts after striking deal with Trafigura Trading; stock jumps

HC Wainwright & Co is acting as the exclusive placement agent for the offering.

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.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

Quick facts: Gevo Inc

Price: 1.03 USD

NASDAQ:GEVO
Market: NASDAQ
Market Cap: $78 m
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