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Aug. 21, 2020, 9:10 a.m. EDT

Gevo's stock sinks on heavy volume, after share offering announcement in wake of previous day's rocket ride

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By Tomi Kilgore

Shares of Gevo Inc. /zigman2/quotes/208747069/composite GEVO -7.90% plunged 20% in premarket leading volume Friday, after the the renewable gasoline and fuel company took advantage of a more-than tripling in price in the previous session to announced a share offering. Trading volume was 35.2 million shares ahead of the open, compared with the full-day average of 37.4 million shares. The company said it reached a deal with investors to sell 38.46 million shares at $1.30 a share, which is 28.6% below Thursday's closing price of $1.82. The stock had rocketed 232.7% on volume of 991.1 million shares on Thursday, after the company said it entered into a renewable hydrocarbons purchase and sale agreement with a Trafigura Group Pte Ltd., which brings Gevo to over $1.5 billion of revenue in long-term contracts. The stock has still lost 21.2% year to date through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.82% has gained 4.8%.

/zigman2/quotes/208747069/composite
US : U.S.: Nasdaq
$ 5.83
-0.50 -7.90%
Volume: 13.88M
May 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.25 billion
Rev. per Employee
$178,581
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/zigman2/quotes/210599714/realtime
US : S&P US
4,201.62
+34.03 +0.82%
Volume: 2.24B
May 6, 2021 5:28p
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