NORTHBOROUGH, Mass.,
Feb. 13, 2020 /PRNewswire/
-- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen") today announced the pricing of an
underwritten public offering of 1,700,000 shares of its common
stock, at a purchase price to the public of $8.25 per share. In addition, in connection with
the offering, Aspen has granted
the underwriter a 30-day option to purchase up to an additional
255,000 shares of common stock solely to cover over-allotments, if
any. The gross proceeds to Aspen
from this offering are expected to be approximately $14.0 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by Aspen, but excluding any
exercise of the underwriter's option to purchase additional shares
of common stock. The offering is expected to close on or about
February 18, 2020, subject to
customary closing conditions.
All of the securities in the offering are being sold by
Aspen. Aspen intends to use the net proceeds from the
offering for working capital and general corporate purposes.
Craig-Hallum Capital Group is acting as the sole managing
underwriter for the offering.
A shelf registration statement on Form S-3 (File No. 333-227158)
relating to the public offering of the shares of common stock
described above was filed with the Securities and Exchange
Commission (the "SEC") and declared effective by the SEC on
September 18, 2018. A preliminary
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering were filed with the SEC on
February 12, 2020. A final prospectus
supplement and accompanying prospectus relating to and describing
the terms of the offering will be filed with the SEC and made
available on the SEC's web site at www.sec.gov. Copies of the final
prospectus supplement and accompanying prospectus relating to the
offering may also be obtained, when available, by contacting
Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite
350, Minneapolis, MN 55402,
Attn: Equity Capital Markets, by telephone at (612) 334-6300
or by e-mail at prospectus@chlm.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale is not
permitted.
About Aspen Aerogels, Inc.
Aspen is the global leader in aerogel
technology. The company's mission is to enable its customers and
partners to achieve their own objectives around the global
megatrends of resource efficiency and sustainability. Aspen's Cryogel® and Pyrogel® products are
valued by the world's largest energy infrastructure companies.
Aspen's Spaceloft® products
provide building owners with industry-leading energy efficiency
including options for a safe, non-combustible fire rating. The
company's strategy is to partner with world-class industry leaders
to leverage its aerogel technology platform into additional
markets. Headquartered in Northborough,
Mass., Aspen manufactures
its products at its East Providence,
R.I. facility.
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, regarding, among
other things, the public offering of Aspen's common stock. Such forward-looking
statements are based on current expectations and involve inherent
risks and uncertainties, including factors that could delay, divert
or change any of them, and could cause actual results to differ
materially from those projected in its forward-looking statements.
Meaningful factors which could cause actual results to differ,
including the completion of the public offering and the expected
uses of proceeds from the public offering, as well as other
factors, are discussed in the risks and uncertainties detailed from
time to time in Aspen's filings
with the SEC, including without limitation, the risk factors
discussed under the heading "Risk Factors" in Aspen's Annual Report on Form 10-K for the
year ended December 31, 2018 and
filed with the SEC on March 8, 2019,
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, and Aspen does
not intend to update this information unless required by law.
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SOURCE Aspen Aerogels, Inc.