NORTHBOROUGH, Mass., Nov. 30,
2022 /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 25,263,158 shares of its common stock at a public
offering price of $9.50 per share. In
addition, the Company has granted the underwriters of the offering
a 30-day option to purchase up to an additional 3,789,473 shares of
common stock. The gross proceeds to Aspen from this offering are expected to be
approximately $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, subject to customary closing
conditions.
All of the shares in the offering are being sold by Aspen. 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.
Cowen and Barclays are acting as joint book-running managers for
the offering. Piper Sandler and
Oppenheimer & Co. are also acting as book-running managers. B.
Riley Securities and Craig-Hallum Capital Group are acting as
co-managers for the offering.
The public offering is being made pursuant to a registration
statement on Form S-3 previously filed with the Securities and
Exchange Commission (the "SEC"), which became effective on
March 16, 2022. 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. Copies of the prospectus supplement
and accompanying prospectus relating to this offering, when
available, may be obtained from: Cowen and Company, LLC, c/o
Broadridge Financial Solutions, Attention: Prospectus Department,
1155 Long Island Avenue, Edgewood, New
York 11717, by telephone at (833) 297-2926, or by email at
PostSaleManualRequests@broadridge.com; or Barclays Capital Inc.,
Attn: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, by
telephone: 888-603-5847, or by email:
barclaysprospectus@broadridge.com.
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. 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 market. The company's carbon
aerogel program seeks to increase the performance of lithium-ion
battery cells to enable EV manufacturers to extend the driving
range and reduce the cost of electric vehicles. 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 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, 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, 2021
and filed with the SEC on March 1,
2022, 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.