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.