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 that it has commenced an underwritten
public offering of 4,250,000 shares of its common stock. In
addition, the Company expects to grant the underwriters of the
offering a 30-day option to purchase up to an additional 637,500
shares of common stock offered by the Company in the public
offering at the public offering price, less underwriting discounts
and commissions.
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, 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
will be filed with the SEC and will be available on the SEC's
website located at www.sec.gov. Copies of the
preliminary 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. The final terms of the offering will be disclosed
in a final prospectus supplement to be filed with the SEC.
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, Aspen's offering of
shares of its common stock, statements regarding the intended use
of proceeds from Aspen's offering
of shares of its common stock, and Aspen's ability to consummate the 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.