Gevo sets price $3.5 mn common stock, warrants public offering

Gevo sets price of $3.5 mn common stock, warrants public offering

10:05 AM, 31st March 2016
Gevo sets price of $3.5 mn common stock, warrants public offering

ENGLEWOOD, US: Gevo Inc said that it has priced its underwritten public offering of common stock and warrants, agreeing to sell 3,721,429 series C units.

The gross proceeds to Gevo from this offering are expected to be approximately $3.5 million. The company intends to use the net proceeds from the offering, excluding any future proceeds from the exercise of the warrants, to fund working capital and for other general corporate purposes.

The offering of shares of common stock and warrants is expected to close on or about1 April.

With each series C unit consisting of one share of common stock, one series F warrant to purchase one share of common stock and two series H warrants, each to purchase one share of common stock, at a public offering price of $0.35 per series C unit, it said.

Gevo has also agreed to sell 6,571,429 series D units, with each series D unit consisting of a pre-funded series G warrant to purchase one share of common stock, one series F warrant to purchase one share of common stock and two series H warrants, each to purchase one share of common stock, at a public offering price of $0.34 per series D unit.

The series F warrants will have an exercise price of $0.35 per share, is exercisable beginning on October 2016 and will expire on April 2021. The series G warrants will have an exercise price of $0.35 per share, which will be pre-paid upon issuance.

The series G warrants will be exercisable from the date of original issuance and will expire on April 2017. The series H warrants will have an exercise price of $0.75 per share, is exercisable beginning on the date of original issuance and will expire on 1 October.

In connection with the offering, Rodman & Renshaw, a unit of HC Wainwright & Co LLC, is acting as sole book-running manager.

© Worldofchemicals News


Read more activities of Gevo Inc:

Gevo, Porta to jointly develop four isobutanol plants in Argentina

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