NORTHBOROUGH, Mass., Nov. 29,
2022 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:
ASPN) ("Aspen" or the "Company"),
a technology leader in sustainability and electrification
solutions, today announced that it has commenced a proposed
underwritten public offering of $200
million of 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 15% of the shares of common
stock offered in the public offering at the public offering price,
less underwriting discounts and commissions. All of the shares of
common stock to be sold in the offering are being offered by
Aspen. The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
Our existing shareholder Wood River Capital, LLC, an affiliate
of Koch Investments Group, LLC ("Koch"), and/or certain of its
affiliates have indicated an interest in purchasing up to
$100 million of our common stock in
this offering at the public offering price. However, because
indications of interest are not binding agreements or commitments
to purchase, Wood River Capital, LLC and/or certain of its
affiliates may determine to purchase fewer securities than they
indicate an interest in purchasing or not to purchase any
securities in this offering.
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.
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 preliminary
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
preliminary 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, Aspen's planned
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, 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.