Aspen Aerogels Prices IPO - Quick Facts

(RTTNews) - Aspen Aerogels, Inc. (ASPN) announced it has priced the initial public offering of 7.5 million shares of common stock at $11.00 per share for total gross proceeds of $82.5 million. Aspen Aerogels' shares are expected to begin trading on the NYSE on June 13, under the symbol, ASPN. The company has granted the underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock at the initial public offering price less the underwriting discount.

The company intends to use the net proceeds to fund additional expenditure for its third production line at its facility in East Providence, R.I., for repayment of amounts outstanding under its revolving line of credit and subordinated notes, and for general corporate purposes, which will include funding a portion of the design, development and construction of its planned second production plant in Europe or Asia after completion of its third production line at its facility in East Providence, R.I.