Stocks In News: GEVO, ROKU, ENPH
2:38 pm Monday, June 06th, 2022
Gevo (NASDAQ:GEVO) stock is in free fall today, eying a 31% drop after announcing a $150 million securities offering. This morning, the renewable fuels company reported entering an agreement with several institutional investors for the purchase of 33,333,336 shares of Gevo common stock. So, what’s behind Gevo’s drop today? The shares will be sold at Gevo’s public offering price of $4.50 per share. At this price, the sale should result in expected gross proceeds of $150 million. According to the company, the funds will be used to “fund capital projects, working capital, and for general corporate purposes.”
Roku (NASDAQ:ROKU) stock is gaining on Monday after the streaming company announced a new Spanish language section named Espacio Latino. According to Roku, Espacio Latino acts as a destination for Spanish-speaking users. The company claims that this platform will include “thousands of hours of free movies and TV shows in Spanish.” Roku also points out that some of the content being offered through Espacio Latino is exclusive to the service. The company also notes that some of this content is original and made for Espacio Latino.
Solar solutions company Enphase Energy (NASDAQ:ENPH) is up 7% so far today on a recent surge in demand. This morning, Enphase announced that a “growing number of Australian solar installers” are adding Enphase products to their offerings. Enphase appears to be the welcome beneficiary of new Australian safety requirements levied against photovoltaic (PV) arrays. These new regulations went live in May 2022 and have immediately boosted Enphase’s presence in the country. The laws are aimed at helping solar installers meet compliance and promote “consumer and electrical contractor safety.”
