Gevo Inc., a U.S. biofuel producer backed by French oil producer Total SA, declined the most in three days after saying it is seeking to raise $17.2 million.
Gevo slid 13 percent to $3.90 at the close in New York, the most since May 11.
The company agreed to sell 4.3 million stock units that include common shares priced at $4 and warrants with an exercise price of $5.50, Englewood, Colorado-based Gevo said in a statement Thursday. Proceeds will be used for working capital and general corporate purposes. Cowen & Co. is managing the sale.
Gevo converts corn and plant waste into ethanol and isobutanol, which can be processed into jet fuel that’s a drop-in substitute for petroleum-based ones.