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(RTTNews) - Aspen Aerogels Inc. (ASPN) said it priced its underwritten public offering of 4.25 million shares of its common stock at $20.00 per share.

In addition, the Company has granted the underwriters of the offering a 30-day option to purchase up to an additional 637,500 shares of common stock at the public offering price, less underwriting discounts and commissions.

The company expects the gross proceeds from the offering to be approximately $85 million, before deducting underwriting discounts and commissions and estimated offering expenses, and excluding any exercise of the underwriters' option to purchase additional shares of common stock.

The offering is expected to close on October 23, 2024.

Aspen plans to use the net proceeds from the offering for working capital, capital expenditures and general corporate purposes.

Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint book-running managers for the offering.

ASPN closed Monday's regular trading at $21.33 down $0.27 or 1.25%. In the after-hours trading, the stock further dropped $0.88 or 4.13%.

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