ENGLEWOOD, Colo., Jan. 5, 2015 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO), the world's only commercial producer of renewable isobutanol, announced today that it received a positive determination from the Listing Qualifications department of The Nasdaq Stock Market ("Nasdaq") on December 30, 2014, granting approval of the Company's request to transfer its listing to The Nasdaq Capital Market® ("Capital Market") from The Nasdaq Global Market®. The Company's securities will begin trading on the Nasdaq Capital Market effective at the start of trading on Monday, January 5, 2015.
The transfer of the Company's listing to Capital Market is not expected to have any impact on trading in the Company's securities, and the Company's securities will continue to trade on Nasdaq under the symbol 'GEVO'.
Nasdaq notified the Company that, upon the transfer to Capital Market, the Company is granted its second grace period of 180 calendar days, or until June 29, 2015 to regain compliance with Nasdaq. Gevo will monitor the bid price for its securities between now and June 29, 2015, and will consider available options to meet the Nasdaq minimum bid price requirement.
As previously disclosed in a Current Report on Form 8-K dated July 7, 2014, the Company was notified by Nasdaq, on June 30, 2014, that it no longer satisfied the minimum bid price requirement for continued listing set forth in Nasdaq Stock Market Rule 5450(a)(1), as the bid price of the Company's shares had closed for 30 consecutive business days below US$1.00 per share. In accordance with Nasdaq Stock Market Rule 5810(c)(3)(A), the Company was granted a grace period of 180 calendar days, or until December 29, 2014, to regain compliance.
Gevo is a leading renewable technology, chemical products, and next generation biofuels company. Gevo's underlying technology uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production and sale of isobutanol, as well as related products from renewable feedstocks. Gevo's strategy is to commercialize biobased alternatives to petroleum-based products to allow for the optimization of fermentation facilities' assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its first fermentation plant in Luverne, MN.Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates its first biorefinery in Silsbee, TX, in collaboration with South Hampton Resources Inc., to produce renewable jet fuel, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc., Total SA and LANXESS, Inc., an affiliate of LANXESS Corporation, among others. Gevo is committed to a sustainable bio-based economy that meets society's needs for plentiful food and clean air and water. For more information, visit www.gevo.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as "intend," "expect," "plan," "estimate," "future," "strive" and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2013, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.
CONTACT: Media Contact:
Robin PeakGevo, Inc.
T: (720) 267-8632
Mike WillisGevo, Inc.
T: (720) 267-8636