UPDATE - Gevo to raise USD 10m from stock, warrant offering
Gevo Inc (NASDAQ:GEVO) has priced its underwritten public offering of stock and warrants and expects to receive gross proceeds of about USD 10 million (EUR 9.2m), the next-generation biofuels firm said on Tuesday.
The US company unveiled plans on Monday to sell Series A units, as well as Series B units, in lieu of Series A units, to those buyers whose purchase of Series A units would push their interest in the company beyond 4.99%.
Gevo said it has agreed to sell 2.05 million Series A units at USD 1 apiece and 8 million Series B units at USD 0.99. The Series A units consist of one common stock share and a Series D warrant to purchase one share. The Series B units consist of a pre-funded Series E warrant to buy one share and a Series D warrant to buy one share.
The company plans to use the proceeds to fund working capital, including capital expenditures at its facility in Luverne, Minnesota, as well as for other general corporate purposes.