Aspen Aerogels sells 6.06M shares at $12.375 in registered direct offering

Aspen Aerogels announced that it has entered into a securities purchase agreement with Hood River Capital Management and certain other institutional investors for the purchase and sale in a registered direct offering of 6,060,607 shares of common stock at an offering price of $12.375 per share. The offering is expected to close on December 22, 2023, subject to customary closing conditions. All of the shares in the offering are being sold by Aspen. The gross proceeds to Aspen from this offering are expected to be approximately $75M. Aspen intends to use the proceeds from the offering to fund capital expenditures, working capital and other general purposes as it prepares for additional anticipated growth in its energy industrial and EV thermal barrier business segments.