Aspen Aerogels Prices Public Offering Of 25.26 Mln Shares At $9.50/shr

(RTTNews) - Aspen Aerogels Inc. (ASPN) said that it has priced an underwritten public offering of 25.26 million shares of its common stock at a public offering price of $9.50 per share.

ASPN closed Tuesday regular trading at $11.34 down $0.62 or 5.18%. In the after hours trade, the stock further dropped $0.80 or 7.05%.

In addition, the company has granted the underwriters of the offering a 30-day option to purchase up to an additional 3.79 million shares of common stock.

The company expects gross proceeds from the offering to be about $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.

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.