Gevo to repurchase $25m of its common stock
Gevo’s board of directors has authorised a stock repurchase programme, under which it may repurchase up to $25m of its common stock in a bid to grow the value of the company.
The renewable fuels producer said that the main goal of the programme is to repurchase shares while maintaining its ability to fund its development projects.
Patrick Gruber, CEO, Gevo said: “This stock repurchase programme demonstrates the confidence that the board, management, and I have in the future of Gevo in light of what we believe to be the considerably undervalued price of our common stock.”
Under the programme, stock repurchases will be made in the open market or through privately negotiated transactions, in compliance with applicable securities laws and other legal requirements.
The company noted that any repurchases will be at the company’s discretion and dependent on market conditions. It added that it is not obligated to repurchase any stock and can suspend or discontinue the repurchase programme at any time.
“Gevo is a company that is on a strategic path that we believe will produce sustained profitability and growth in the future,” said Gruber. “We see this stock repurchase programme as a tool that could further enhance the value of our company in the years ahead.”
Gevo will be represented in the stock repurchase programme by investment bank H.C. Wainwright & Co.