Aspen Aerogels falls on pricing stock offering

Aspen Aerogels

22/10/2024 12:48

** Aspen Aerogels Inc's  ASPN.N  shares down 4% premarket to
$20.48 after overnight follow-on priced
    ** ASPN could fall for 4th straight session, if losses hold
** Specialty chemicals maker late Mon 4.25 mln shares at $20 for
$85 mln raise
    ** Offering price represents 6.2% discount to last sale
    ** Goldman Sachs and Morgan Stanley jt bookrunners
    ** Co plans to use net proceeds for working capital, capex
and other corp purposes
    ** With ~77 mln shares outstanding, co has ~$1.6 bln market
cap
    ** Separately, Piper Sandler cuts PT by $3 to $33
** Last Weds, ASPN closed up ~13% at $25.41 after
co received $671 mln conditional loan commitment from U.S. DOE
for construction of planned second aerogel manufacturing
facility in Register, Georgia and forecast Q3 rev above
consensus
    ** Through Mon, shares up 35% YTD and were trading around $7
a year ago

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))