Aspen Aerogels Offers 6.060 Mln Shares At $12.375/shr; Stock Down In Pre-market

(RTTNews) - Aspen Aerogels, Inc. (ASPN) announced on Wednesday that it has inked a deal with Hood River Capital Management and certain other institutional investors to sell 6,060,607 shares for $12.375 per share in a registered direct offering.

The gross proceeds from the offering, scheduled to be closed on December 22, are expected to be at around $75 million.

"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," the company said.

All of the shares in the offering are being sold by Aspen.

ASPN was trading down by 7.08 percent at $13 per share in the pre-market trade on the New York Stock Exchange.