NORTHBOROUGH, Mass., Oct. 21, 2024 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced that it has commenced an underwritten public offering of 4,250,000 shares of its common stock. In addition, the Company expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 637,500 shares of common stock offered by the Company in the public offering at the public offering price, less underwriting discounts and commissions.

Aspen intends 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.

The public offering is being made pursuant to a shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission (the "SEC") on October 21, 2024 and became effective upon filing. The offering will be made only by means of a written prospectus supplement and the accompanying prospectus that form part of the registration statement. A preliminary prospectus supplement relating to the offering and accompanying prospectus will be filed with the SEC and will be available on the SEC's website located at www.sec.gov.  Copies of the preliminary prospectus supplement and accompanying prospectus relating to these securities, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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.

About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability and electrification solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility, and clean energy. Aspen's PyroThin products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. Aspen Battery Materials, the Company's carbon aerogel initiative, seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of EVs. The Company's Cryogel and Pyrogel products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform into additional high-value markets. Aspen is headquartered in Northborough, Mass.