Gruber Patrick R.

Insider trading profile for Gruber Patrick R. at Gevo, Inc. (GEVO) -- 224 transactions since 2011-03-23 through 2026-06-12. 2,692,222 shares sold vs 61,100 shares acquired. Transaction composition: S-code (open-market sell) transactions are the dominant conviction signal: 2026-06-12 (157,563 shares at $1.40), 2026-05-27 (186,469 shares at $1.76), 2025-09-04 (1,642 at $1.63), 2025-08-05 (116,060 at $1.23), 2025-08-01 (120,304 at $1.25), 2025-05-30 (157,197 at $1.28), 2024-08-22 (164,428 at $0.76), 2024-08-06 (127,276 at $0.51), 2024-07-31 (108,966 at $0.59), 2023-08-23 (171,549 at $1.38), 2022-08-22 (177,690 at $3.08), 2022-07-07 (249,790 at $2.53). A-code (acquisition) events: mostly large RSU/option exercises at null price: 2025-06-09 (1,409,891 + 472,689 = 1,882,580 shares), 2024-05-22 (1,195,000 + 1,195,000 = 2,390,000 shares), 2023-08-03 (742,924 x 2 = 1,485,848 shares), 2022-07-26 (442,142 + 656,322 = 1,098,464 shares), 2021-08-20 (1,045,800 x 2 = 2,091,600 shares). Key pattern: the A-code events are massive RSU/option exercises (1M-2M share batches at $0) -- these establish insider economic exposure but are not discretionary market buys. The subsequent S-code sells (100K-250K per event) represent systematic liquidation of exercised shares. The 2025-06-09 acquisition of 1.88M shares was followed by a 2025-05-30 S-code sell of 157K shares (a partial offset). The 2024-05-22 acquisition of 2.39M shares represented a major increase in insider holdings but was followed by 400K in S-code sells over the next 3 months. Bearish read -- despite the large A-code exercises (which establish meaningful insider stake), the consistent S-code liquidation pattern across 14 years (2011-2026) and across every GEVO price regime ($0.51-$3.08) represents a structural insider who is reducing equity exposure, not building it. The 44:1 sell-to-buy ratio is extreme. GEVO's business challenges (renewable fuel technology, feedstock economics) combined with persistent insider selling at all price levels suggests management and insiders view the stock as overvalued or lacking near-term catalysts. Most recent sells (June 2026: 157K + 186K = 344K shares at $1.40-$1.76) continue the pattern through the current $1-$2 trading range.