Aspen Aerogels Arranges Funds For Construction Of Statesboro Facility Via Equity Offering, Loan
Aspen Aerogels Inc (NYSE: ASPN) has priced its upsized public offering of 25.3 million shares at $9.50 per share.
In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 3.8 million shares.
The gross proceeds to Aspen from this offering are expected to be approximately $240 million. Previously, the company proposed raising $200 million through the offering.
Aspen intends to use the net proceeds to partially fund the construction of Phase I of its second aerogel manufacturing facility in Statesboro, Georgia, and for other general corporate purposes.
The offering is expected to close on December 2, 2022.
Yesterday, Aspen Aerogels entered into a definitive loan agreement with General Motors Holdings LLC, an affiliate of General Motors Company (NYSE: GM), for a secured lending commitment of $100 million in connection with its construction of the facility in Statesboro.
Price Action: ASPN shares are trading lower by 3.11% at $10.99 on the last check Wednesday.
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