Why Gevo Stock Was Sinking Today

Jeremy Bowman, The Motley Fool
·2-min read
Why Gevo Stock Was Sinking Today

A day after Gevo (NASDAQ: GEVO) stock was skyrocketing on news that its co-founder would join President Biden's science team, the renewable energy stock was giving up much of those gains today after it announced a direct stock offering. Gevo, which processes renewable crops like corn into conventional fuels like gasoline, said last night that it would raise $350 million by selling 43.75 million shares to institutional and accredited investors at $8 a share.