Aspen Aerogels falls on pricing upsized $240 mln stock offering

Aspen Aerogels

30/11/2022 11:07

** Aspen Aerogels Inc's  ASPN.N  shares down 12.6% at $9.91
premarket after overnight follow-on prices
    ** Co, which makes a product to help prevent EV battery
fires, sells ~25.3 mln shares at $9.50  urn:newsml:reuters.com:*:nPnvscnYa
    ** Offering size boosted from $200 mln, prices at 16.2%
discount to stock's Tues close
    ** Co to use net offering proceeds to help fund construction
of second manufacturing facility in Georgia
    ** Alongside offering launch, co announced $100 mln secured
lending commitment with General Motors  GM.N  to help build and
equip the Georgia facility  urn:newsml:reuters.com:*:nPn9DY0N0a
    ** Koch Investments Group affiliate (top Aspen shareholder
with ~13% stake, per Refinitiv) has indicated to buy up to $100
mln of offering shares
    ** On Jun 29, ASPN shares plunged ~43% after co launched
$225 mln stock, $150 mln convertible bond deals, and then
scrapped that planned capital raise citing market conditions
    ** ASPN shares have slumped 77% YTD for ~$464 mln market
cap, per Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))