Aspen Aerogels Inc. (ASPN) has announced the pricing of its underwritten public offering, which consists of 4.25 million shares of common stock at a rate of $20.00 per share.
The company has also extended a 30-day option to the offering's underwriters, allowing them to acquire up to an additional 637,500 shares at the public offering price, after accounting for underwriting discounts and commissions.
Aspen Aerogels anticipates gross proceeds of roughly $85 million from this offering. This figure excludes any deductions for underwriting discounts, commissions, estimated expenses related to the offering, and any potential exercised options for additional shares.
The offering is scheduled for closure on October 23, 2024.
The proceeds from this initiative are slated for allocation towards working capital, capital expenditures, and general corporate purposes.
Goldman Sachs & Co. LLC and Morgan Stanley are serving as joint book-running managers for this offering.
In market activity, ASPN's stock concluded Monday's regular session at $21.33, reflecting a decrease of $0.27 or 1.25%. In subsequent after-hours trading, the stock experienced a further decline of $0.88 or 4.13%.
