Aspen Aerogels, Inc. announced on October 21, 2024, the pricing of an underwritten public offering of 4,250,000 shares of its common stock at $20.00 per share. The company also granted the underwriters a 30-day option to purchase up to an additional 637,500 shares of common stock at the public offering price. This offering is expected to close on October 23, 2024, subject to customary closing conditions.
The gross proceeds to Aspen from this offering are anticipated to be approximately $85 million, before deducting underwriting discounts and commissions and estimated offering expenses. These proceeds exclude any exercise of the underwriters' option to purchase additional shares. The company intends to allocate the net proceeds from this offering towards working capital, capital expenditures, and general corporate purposes.
This equity raise provides Aspen Aerogels with additional capital to support its ongoing operations and strategic growth initiatives. However, the issuance of new shares will result in dilution for existing shareholders, impacting per-share metrics.
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