(Bloomberg) — Gevo Inc., a U.S. biofuel producer backed by
French oil producer Total SA, declined the most in three days
after saying it is seeking to raise $17.2 million.
Gevo slid 13 percent to $3.90 at the close in New York, the
most since May 11.
The company agreed to sell 4.3 million stock units that
include common shares priced at $4 and warrants with an exercise
price of $5.50, Englewood, Colorado-based Gevo said in a
statement Thursday. Proceeds will be used for working capital
and general corporate purposes. Cowen & Co. is managing the
Gevo converts corn and plant waste into ethanol and
isobutanol, which can be processed into jet fuel that’s a drop-in substitute for petroleum-based ones.
To contact the reporter on this story:
Justin Doom in New York at
To contact the editors responsible for this story:
Reed Landberg at