Gevo announces stock repurchase program
Gevo Inc. has announced that its board of directors has approved a stock repurchase program that authorizes Gevo to repurchase up to $15 million of its common stock over a one-year period. The company expects to fund its stock repurchase program with existing cash and cash equivalents on hand. Any shares repurchased will be classified as treasury stock or retired.
"This new stock repurchase program reflects our confidence in Gevo's future," said Patrick Gruber, CEO of Gevo. "We see this program as an opportunity to enhance value for our stockholders through disciplined repurchases of shares of our common stock at what we believe are undervalued prices."
The stock repurchase program is effective immediately. Repurchases of the company's common stock may be made from time to time through a variety of methods, including open market purchases, privately negotiated transactions, and block transactions. Gevo has no obligation to repurchase shares under the stock repurchase program. The timing, volume, and value of the shares that are repurchased will be at the discretion of the company's management and will depend upon a number of considerations, including the trading price of the company's common stock, general market conditions, applicable legal requirements, and other factors. The stock repurchase program will expire on Dec. 31, 2013, unless the program is completed sooner, suspended, terminated, or otherwise extended.