Gevo, Inc. Enters Material Definitive Agreement
Ticker: GEVO · Form: 8-K · Filed: Aug 21, 2024 · CIK: 1392380
| Field | Detail |
|---|---|
| Company | Gevo, INC. (GEVO) |
| Form Type | 8-K |
| Filed Date | Aug 21, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $12,400,000, $2,907,680, $300,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement
TL;DR
Gevo signed a big deal, details TBD.
AI Summary
Gevo, Inc. announced on August 16, 2024, that it entered into a Material Definitive Agreement. The filing does not provide specific details on the agreement's nature or any associated dollar amounts, but it is classified under Item 1.01, which pertains to the entry into a material definitive agreement.
Why It Matters
This filing indicates Gevo has entered into a significant agreement, which could impact its future operations and financial performance, though details are not yet disclosed.
Risk Assessment
Risk Level: medium — The lack of specific details in the 8-K filing regarding the material definitive agreement introduces uncertainty about its implications.
Key Players & Entities
- Gevo, Inc. (company) — Registrant
- August 16, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 303-858-8358 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the Material Definitive Agreement entered into by Gevo, Inc.?
The filing does not specify the nature of the Material Definitive Agreement, only that one was entered into on August 16, 2024.
Are there any financial terms or dollar amounts associated with this agreement disclosed in the filing?
No, the filing does not disclose any specific financial terms or dollar amounts related to the Material Definitive Agreement.
Under which item is this Material Definitive Agreement reported?
The Material Definitive Agreement is reported under Item 1.01 of the Form 8-K.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on August 16, 2024.
What is Gevo, Inc.'s state of incorporation?
Gevo, Inc. is incorporated in Delaware.
Filing Stats: 784 words · 3 min read · ~3 pages · Grade level 10.6 · Accepted 2024-08-21 16:05:40
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share GEVO Nasdaq Capital Mark
- $12,400,000 — batches for aggregate consideration of $12,400,000. In addition, Shell is permitted to pla
- $2,907,680 — ents to Gevo in the aggregate amount of $2,907,680 upon the occurrence of certain mileston
- $300,000 — to pay undisputed amounts in excess of $300,000 for more than 60 days or there is a mat
Filing Documents
- tm2421638d2_8k.htm (8-K) — 28KB
- tm2421638d2_ex10-1.htm (EX-10.1) — 385KB
- tm2421638d2_ex99-1.htm (EX-99.1) — 8KB
- tm2421638d2_ex99-1img001.jpg (GRAPHIC) — 14KB
- tm2421638d2_ex99-1img002.jpg (GRAPHIC) — 5KB
- 0001104659-24-091606.txt ( ) — 689KB
- gevo-20240816.xsd (EX-101.SCH) — 3KB
- gevo-20240816_lab.xml (EX-101.LAB) — 33KB
- gevo-20240816_pre.xml (EX-101.PRE) — 22KB
- tm2421638d2_8k_htm.xml (XML) — 4KB
01
Item 1.01. Entry into a Material Definitive Agreement. On August 16, 2024, Gevo, Inc. ("Gevo") entered into a Purchase Contract (the "Agreement") with Shell Global Solutions Deutschland GmbH ("Shell"), pursuant to which Gevo agreed to supply to Shell (a) hydrocarbon-based performance racing blend stock ("2GFuel"); and (b) other products if and as may be mutually agreed from time to time. The 2GFuel must meet certain quality specifications set forth in the Agreement. Pursuant to the Agreement, Gevo will provide Shell with 2GFuel in five batches for aggregate consideration of $12,400,000. In addition, Shell is permitted to place additional purchase orders for 2GFuel from time to time. Shell will pay Gevo for 2GFuel delivered pursuant to the Agreement based on a unit price. In the event that Gevo sells 2GFuel to certain qualified fuel suppliers at a lower price, Shell will be entitled to purchase all future 2GFuel amounts under the Agreement at such lower price. Shell is obligated to make certain prepayments to Gevo in the aggregate amount of $2,907,680 upon the occurrence of certain milestones. Such prepayments may be offset against amounts invoiced by Gevo for supply of 2GFuel. The Agreement expires on December 31, 2027. Prior to such date, Shell is permitted to terminate the Agreement upon the occurrence of certain events, including, but not limited to, if Gevo becomes insolvent, Gevo has certain delays in the delivery of 2GFuel, there is a material change in regulations/requirements, or there is a material breach by Gevo. In addition, Gevo is permitted to terminate the Agreement before such date upon the occurrence of certain events, including, but not limited to, if Shell fails to pay undisputed amounts in excess of $300,000 for more than 60 days or there is a material breach by Shell. The foregoing description of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, a copy of which
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Purchase Contract, dated August 16, 2024, by and between Gevo, Inc. and Shell Global Solutions Deutschland GmbH 99.1 Press release, dated August 21, 2024 104 Cover Page Interactive Data File (embedded as Inline XBRL document) Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GEVO, INC. Dated: August 21, 2024 By: /s/ E. Cabell Massey E. Cabell Massey Vice President, Legal and Corporate Secretary