Deal Details
Follow-On Offering
Summary
Baird served as a co-manager in this offering.
About
Gevo, Inc. (“Gevo” or the “Company”) (NASDAQ: GEVO) recently completed a follow-on offering of 12,500,000 common shares at a price of $4.95 per share, generating gross proceeds of approximately $61.9 million. Gevo intends to use the net proceeds from the offering for facility build-out, optimization and general corporate purposes.Gevo is a renewable chemicals and next generation biofuels company. The Company’s overall strategy is to commercialize bio-based alternatives to petroleum-based products using a combination of synthetic biology and chemical technology. Gevo utilizes its proprietary Gevo Integrated Fermentation Technology (“GIFT”) to convert sugars from renewable feedstock into isobutanol to function as drop-in replacements for specialty chemicals and transportation fuels derived from petrochemicals. Customer interest in the Company’s isobutanol is primarily driven by its cost-efficient production route and its potential to serve as a cost-effective, environmentally sensitive alternative to the petroleum-based intermediate products currently used. Renewable products that are chemically identical to the incumbent petrochemical products are believed to have lower market adoption hurdles because the infrastructure and applications for such products already exist. Gevo completed its initial public offering in February 2011 and is headquartered in Englewood, Colorado.
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- Date
- July 2012
- Company
- Gevo, Inc.
- Transaction
- M&A
- Sectors
- Energy
- Target Geography
- North America
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