A reverse merger with a reputable un-listed company could be very valuable. Take a look at the previous price action with MGT or KBIO. If you search an aerial view of the CBYL location on Google Maps, you'll see that they're in an a lucrative location with many reputable companies surrounding them.
Doesn't GEVO already have a bio-refinery facility that is in production mode? Maybe they'll announce that they're applying for some of this grant money as well as new Govt./Private contracts to supply biofuel to vehicles.
If you look at the 5 day chart, you'll see that some big holders heavily unloaded after hours on Thursday, Friday, and Monday.
IMO they may want to get the pre-reverse split share price high enough for Institutions to start buying post split (they probably need minimum $0.20/share)