Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced that it has entered into a securities purchase agreement with Hood River Capital Management and certain other institutional investors for the purchase and sale in a registered direct offering of 6,060,607 shares of common stock at an offering price of $12.375 per share. The offering is expected to close on December 22, 2023, subject to customary closing conditions.

All of the shares in the offering are being sold by Aspen. The gross proceeds to Aspen from this offering are expected to be approximately $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 offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-263622) previously filed with the Securities and Exchange Commission (the "SEC"), which was declared effective on April 21, 2023. The securities may be offered only by means of a prospectus. A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.