Gevo, Inc. today announced that its Board of Directors has approved a stock repurchase program that authorizes Gevo to repurchase up to $15,000,000 of its common stock over a one-year period. The Company expects to fund its stock repurchase program with existing cash and cash equivalents on hand. Any shares repurchased will be classified as treasury stock or retired.
“This new stock repurchase program reflects our confidence in Gevo’s future,” said Patrick Gruber Ph.D., Chief Executive Officer of Gevo. “We see this program as an opportunity to enhance value for our stockholders through disciplined repurchases of shares of our common stock at what we believe are undervalued prices.”
The stock repurchase program is effective immediately. Repurchases of the Company’s common stock may be made from time to time through a variety of methods, including open market purchases, privately negotiated transactions, and block transactions. Gevo has no obligation to repurchase shares under the stock repurchase program. The timing, volume, and value of the shares that are repurchased will be at the discretion of the Company’s management and will depend upon a number of considerations, including the trading price of the Company’s common stock, general market conditions, applicable legal requirements, and other factors. The stock repurchase program will expire on December 31, 2013, unless the program is completed sooner, suspended, terminated, or otherwise extended.
Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo’s patent-protected, capital-light business model converts existing ethanol plants into biorefineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits. Gevo started up its first commercial isobutanol facility in Luverne, Minn., and has a marquee list of partners including Coca-Cola, Sasol, and LANXESS, among others. Gevo is committed to a sustainable biobased economy that meets society’s needs for plentiful food and clean air and water.
Source: Gevo, Inc., press release, 2013-01-02.