Gevo secures $50 million at-the-market offering to pay down debt

Gevo Inc (NASDAQ:GEVO), a low-carbon fuel company, announced late Thursday that it has reached an agreement to move forward with a direct at-the-market offering worth roughly $50 million. The Colorado-based company is offering more than 38.4 million shares of common stock and equivalents at a price of $1.30 per share. The deal is expected to close on August 25, the company said.  Gevo said it plans to put the money toward working capital and general corporate purposes, including the repayment of debt.  READ: Gevo exceeds $1.5B in long-term revenue contracts after striking deal with Trafigura Trading; stock jumps HC Wainwright & Co is acting as the exclusive placement agent for the offering. Gevo is commercializing the next generation of gasoline, jet fuel, and diesel fuel with the potential to achieve zero carbon emissions, addressing the market need to reduce greenhouse gas emissions with sustainable alternatives. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel