Aspen Aerogels (ASPN) Prices Upsized 25.26M Offering at $9.50/Share

Aspen Aerogels, Inc. (NYSE: ASPN) announced the pricing of an underwritten public offering of 25,263,158 shares of its common stock at a public offering price of $9.50 per share. In addition, the Company has granted the underwriters of the offering a 30-day option to purchase up to an additional 3,789,473 shares of common stock. The gross proceeds to Aspen from this offering are expected to be approximately $240 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Aspen, and excluding any exercise of the underwriters' option to purchase additional shares of common stock. The offering is expected to close on December 2, 2022, subject to customary closing conditions.

All of the shares in the offering are being sold by Aspen. Aspen intends to use the net proceeds from the offering to partially fund the construction of Phase I of its second aerogel manufacturing facility in Statesboro, Georgia and for other general corporate purposes.

Cowen and Barclays are acting as joint book-running managers for the offering. Piper Sandler and Oppenheimer & Co. are also acting as book-running managers. B. Riley Securities and Craig-Hallum Capital Group are acting as co-managers for the offering.

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