Gevo announces proposed public offering common stock warrants

Gevo announces public offering of common stock and warrants

5:48 AM, 15th February 2017
Gevo logo

ENGLEWOOD, US: Gevo Inc said that it intends to offer and sell, Series G units, with each Series G-unit consisting of one share of common stock, Series K warrants to purchase a certain number of shares of common stock and Series M warrants to purchase a certain number of shares of common stock.

The company is also offering Series H units, in lieu of Series G units, to those purchasers whose purchase of additional Series G units in the offering would result in the purchaser beneficially owning more than 4.99 percent of the company’s outstanding common stock following the completion of the offering.

The Series H units will consist of pre-funded Series L warrants to purchase one share of common stock, Series K warrants to purchase a certain number of shares of common stock and Series M warrants to purchase a certain number of shares of common stock. The units are to be sold by Gevo subject to market and other conditions in an underwritten public offering.

Gevo currently intends to use 15 percent of the net proceeds from the offering, excluding any future proceeds from the exercise of the warrants, to pay down a portion of its outstanding 10 percent convertible senior secured notes due 2017, with the balance to be used to fund working capital and for other general corporate purposes.

In connection with the offering, Oppenheimer & Co Inc is acting as sole book-running manager. Rodman & Renshaw, a unit of H C Wainwright & Co, is acting as co-manager in connection with the offering.

© Worldofchemicals News 

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