NORTHBOROUGH, Mass., Oct. 21,
2024 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:
ASPN) ("Aspen" or the "Company"),
a technology leader in sustainability and electrification
solutions, today announced the pricing of an underwritten public
offering of 4,250,000 shares of its common stock at a public
offering price of $20.00 per share.
In addition, the Company has granted the underwriters of the
offering a 30-day option to purchase up to an additional 637,500
shares of common stock at the public offering price, less
underwriting discounts and commissions. The gross proceeds to
Aspen from this offering are
expected to be approximately $85
million, before deducting underwriting discounts and
commissions and estimated offering expenses, and excluding any
exercise of the underwriters' option to purchase additional shares
of common stock. The offering is expected to close on October 23, 2024, subject to customary closing
conditions.
Aspen intends to use the net
proceeds from the offering for working capital, capital
expenditures and general corporate purposes.
Goldman Sachs & Co. LLC and Morgan Stanley are acting as
joint book-running managers for the offering.
The public offering is being made pursuant to a shelf
registration statement on Form S-3 (No. 333-282751), which was
filed with the Securities and Exchange Commission (the "SEC") on
October 21, 2024 and became effective
upon filing. The offering will be made only by means of a written
prospectus supplement and the accompanying prospectus that form
part of the registration statement. A preliminary prospectus
supplement relating to the offering and accompanying prospectus was
filed with the SEC and is available on the SEC's website located
at www.sec.gov. Copies of the final prospectus supplement and
accompanying prospectus relating to these securities, when
available, may be obtained from: Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866)
471-2526, or by email at Prospectus-ny@ny.email.gs.com; or
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor,
New York, NY 10014.
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. 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. Aspen is
headquartered in Northborough,
Mass.
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 expected closing of Aspen's offering of shares of its common
stock, the satisfaction of closing conditions related to such
closing, and the intended use of proceeds from Aspen's offering of shares of its common
stock. 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, the following:
market risks and uncertainties and the risk that the offering of
shares of its common stock will not be consummated, and the
satisfaction of customary closing conditions for the offering of
shares of its common stock, its intended use of proceeds from the
offering, as well as other risks and uncertainties described under
the heading "Risk Factors" in Aspen's Annual Report on Form 10-K for the
year ended December 31, 2023 and
filed with the SEC on March 7, 2024,
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.