Gevo, Inc. (NASDAQ:GEVO) shares were up 19.5% to $0.700 on Wednesday but down 20% in after-hours trading. The company has a market cap of $64.99 million at 89.52 million shares outstanding. Share prices have been trading in a 52-week range of $0.22 to $2.46.

Gevo Inc is a renewable chemicals and next generation biofuels company. It has developed a technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstock.

Its Gevo, Inc. segment is responsible for research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Its Gevo Development/Agri-Energy segment is responsible for the operation of its Agri-Energy Facility and the production of ethanol, isobutanol and related products.

In a press release, Gevo Inc shared that it intends to offer and sell, subject to market and other conditions, Series E units, with each Series E unit consisting of one share of common stock and Series I warrants to purchase a certain number of shares of common stock.

Aside from that, the company is also offering Series F units, in lieu of Series E units, to those purchasers whose purchase of additional Series E units in the offering would result in the purchaser beneficially owning more than 4.99% of Gevo Inc outstanding common stock following the completion of the offering. These will consist of pre-funded warrants to purchase one share of common stock and Series I warrants to purchase a certain number of shares of common stock.

All these are to be sold by Gevo Inc subject to market conditions in an underwritten public offering, with Oppenheimer  & Co. serving as the underwriter. The company wants to use the net proceeds from this offering for general corporate purposes and to fund working capital.

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