Gevo shares slide 20% premarket on news of $350 million stock offering
Shares of renewable energy company Gevo Inc. (GEVO) slid 20% in premarket trade Wednesday, after the company said it is selling $350 million of shares in a registered direct offering priced at-the-market. The company is offering 43.75 million shares, priced at a discount of $8 each. The stock closed Tuesday at $11.03. H.C. Wainwright is acting as placement agent on the deal. Proceeds will be used to fund capital projects, for working capital and for general corporate purposes. Englewood, Colo.-based Gevo's shares have gained 404% in the last 12 months, while the S&P 500 has gained 14%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 20, 2021 06:10 ET (11:10 GMT)
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