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Aspen Aerogels shares slides on pricing of upsized $240M stock offering

  • Aspen Aerogels (NYSE:ASPN) shares are down 7.05% after-hours after the firm has priced an underwritten public offering of 25,263,158 shares of its common stock at a public price of $9.50/share for an expected gross proceeds of ~$240M.
  • Underwriters are granted a 30-day option to purchase up to an additional 3,789,473 shares of common stock.
  • Offering is expected to close on December 2, 2022.
  • All of the shares in the offering are being sold by Aspen.
  • Net proceeds from the offering will be used to partially fund the construction of Phase I of its second aerogel manufacturing facility in Statesboro, Georgia and for other general corporate purposes.
  • Earlier, Aspen Aerogels secures $100M loan deal with General Motors, proposes $200M stock offering.