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July 31, 2014
09:04 EDTGEVOGevo 30M unit Secondary priced at $.60
Gevo announced that it has agreed to sell 30M common stock units. Each common stock unit consists of one share of common stock and a warrant to purchase 0.5 shares of common stock, at a public offering price of 60c per common stock unit. Each warrant included in a common stock unit will have an exercise price of 85c per share, will be exercisable from the date of original issuance and will expire on August 5, 2019. The shares of common stock and the warrants will be immediately separable and will be issued separately. The gross proceeds to Gevo from this offering are expected to be approximately $18M, not including any future proceeds from the exercise of the warrants. Cowen acted as sole book running manager for the offering.
News For GEVO From The Last 14 Days
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September 24, 2014
09:02 EDTGEVOGevo to appeal USPTO inter partes review decision
Gevo announced that the United States Patent and Trademark Office, or USPTO, issued an inter partes review decision rejecting the claims of Gevo's U.S. Patent Nos. 8,283,505 and 8,304,588, which cover methods of isobutanol separation and recovery in retrofit ethanol plants. Gevo plans to appeal the decision to the United States Court of Appeals for the Federal Circuit. The '505 and '588 Patents remain valid and fully enforceable during the appeal process, and Gevo continues to maintain full freedom to operate worldwide. This decision does not impact in any way Gevo's ability to commercialize isobutanol, nor does it impact in any way Gevo's operations at its plant in Luverne, MN. In addition, this decision only affects two of Gevo's nearly 500 patents and applications worldwide.
September 18, 2014
16:24 EDTGEVOGevo begins to produce, ship isobutanol in railcar volumes
Gevo reported an update on the progress of the Side-by-Side operational mode, or SBS, of its plant in Luverne, MN. With the completion of the last phase of capital for SBS, Gevo has begun to produce and ship isobutanol in railcar volumes. In its Q2 quarter earnings release, Gevo reported that it would be installing distillation equipment at the plant, representing the final phase of capital for the SBS. This equipment facilitates the extraction of isobutanol from the plant, which should enable Gevo to boost production levels of isobutanol by debottlenecking the downstream side of the plant. This distillation equipment was commissioned in early September and is already showing improved results at the plant, such as a doubling of isobutanol batch sizes, a 50% reduction in isobutanol batch turnaround times, consistent yields of >90% based on starch content, and a continued decrease in isobutanol production costs towards targeted economic rates. "By installing the last phase of capital at Luverne, we remain confident that we will be able to achieve production levels of 50K-100K gallons of isobutanol per month by the end of 2014. As we continue to learn and optimize the isobutanol production process, we believe we can ultimately increase our production rate to approximately 2M-3M gallons of isobutanol per annum under the SBS, while we are producing ethanol in the other three fermenters," said CEO Patrick Gruber.

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