In Colorado, Gevo announced that it will effect a 1-for-15 reverse stock split previously approved by the Company’s stockholders at a special meeting held on April 13, 2015. The 1-for-15 reverse stock split was effective as of the close of business on April 20, 2015 and the Company’s common stock began trading on a split-adjusted basis on Tuesday, April 21, 2015.
The reverse stock split will reduce the number of shares of the Company’s common stock currently outstanding from approximately 146.3 million shares to approximately 9.8 million shares. Proportional adjustments will be made to the conversion and exercise prices of the Company’s outstanding warrants, convertible notes and stock options, and to the number of shares issued and issuable under the Company’s equity compensation plans. The number of authorized shares of the Company’s common stock will remain 250 million shares.
The reverse stock split is intended to increase the market price per share of the Company’s common stock to allow the Company to maintain the listing of its common stock on The NASDAQ Capital Market. The Company’s common stock will continue to trade on The NASDAQ Capital Market under the symbol “GEVO.” The new CUSIP number for the common stock following the reverse stock split will be 374396208.
