NORTHBOROUGH, Mass., Dec. 20,
2023 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:
ASPN) ("Aspen" or the "Company"),
a technology leader in sustainability and electrification
solutions, today announced that it has entered into a securities
purchase agreement with Hood River Capital Management and certain
other institutional investors for the purchase and sale in a
registered direct offering of 6,060,607 shares of common stock at
an offering price of $12.375 per
share. The offering is expected to close on December 22, 2023, subject to customary closing
conditions.
All of the shares in the offering are being sold by Aspen. The gross proceeds to Aspen from this offering are expected to be
approximately $75 million.
Aspen intends to use the proceeds
from the offering to fund capital expenditures, working capital and
other general purposes as it prepares for additional anticipated
growth in its energy industrial and EV thermal barrier business
segments.
The offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-263622) previously
filed with the Securities and Exchange Commission (the "SEC"),
which was declared effective on April 21,
2023. The securities may be offered only by means of a
prospectus. A prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC's website located at www.sec.gov.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities referred to in this
press release, nor will there be any sale of any such securities,
in any state or other jurisdiction in which such offer, sale or
solicitation would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability
and electrification solutions. The Company's aerogel technology
enables its customers and partners to achieve their own objectives
around the global megatrends of resource efficiency, e-mobility and
clean energy. Aspen's PyroThin®
products enable solutions to thermal runaway challenges within the
electric vehicle ("EV") market. Aspen Battery Materials, the
Company's carbon aerogel initiative, seeks to increase the
performance of lithium-ion battery cells to enable EV manufacturers
to extend the driving range and reduce the cost of EVs.
Aspen's Spaceloft® products
provide building owners with industry-leading energy efficiency and
fire safety. The Company's Cryogel® and Pyrogel® products are
valued by the world's largest energy infrastructure companies.
Aspen's strategy is to partner
with world-class industry leaders to leverage its Aerogel
Technology Platform® into additional high-value markets.
Headquartered in Northborough,
Mass., Aspen manufactures
its products at its East Providence,
R.I. facilities.
Special Note Regarding Forward-Looking and Cautionary
Statements
This press release and any related discussion
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties that could cause actual results to be materially
different from historical results or from any future results
expressed or implied by such forward-looking statements. These
statements are not historical facts but rather are based on
Aspen's current expectations,
estimates and projections regarding Aspen's business, operations and other factors
relating thereto. Words such as "may," "will," "could," "would,"
"should," "anticipate," "predict," "potential," "continue,"
"expects," "intends," "plans," "projects," "believes," "estimates,"
"outlook," "assumes," "targets," "opportunity," and similar
expressions are used to identify these forward-looking statements.
Such forward-looking statements include statements regarding, among
other things, the completion of the offering, the anticipated
proceeds from the offering and the use of such
proceeds. All such forward-looking statements are
based on management's present expectations and are subject to
certain factors, risks and uncertainties that may cause actual
results, outcome of events, timing and performance to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include, but are not limited to,
those associated with general economic and market conditions and
our ability to satisfy closing conditions applicable to the
offering, our intended use of proceeds from the offering, and
the other risk factors discussed under the heading "Risk Factors"
in Aspen's Annual Report on Form
10-K for the year ended December 31,
2022 and filed with the Securities and Exchange Commission
("SEC") on March 16, 2023, as well as
any updates to those risk factors filed from time to time in
Aspen's subsequent periodic and
current reports filed with the SEC. All statements contained in
this press release are made only as of the date of this press
release. Aspen does not intend to
update this information unless required by law.
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SOURCE Aspen Aerogels, Inc.