Aspen Aerogels seeks to raise $85M through NYSE stock sale
Photo | Brad Kane
The sign for Aspen Aerogels' research facility on Donald Lynch Boulevard in Marlborough
In its second effort in October to boost working capital, Northborough-based manufacturer Aspen Aerogels is seeking to raise $85 million by putting an additional 4.25 million shares of its stock on the market.
The money will go toward working capital, capital expenditures, and general corporate purposes, according to a Tuesday filing with the U.S. Securities and Exchange Commission.
Aspen Aerogels’ latest fiscal venture comes the same month as the U.S. Department of Energy providing the manufacturer with $671 million in financing toward the company’s new Georgia manufacturing facility.
The company’s stock is traded on the New York Stock Exchange. On Wednesday morning, the stock was trading at $20.12 per share, which is down 25% over the past month.
Subject to customary closing conditions, Aspen Aerogels expects to close the stock offering Wednesday. The sale is being underwritten by New York-based capital market companies Goldman Sachs and Morgan Stanley, who have the opportunity to purchase 637,500 shares of the Aspen Aerogel stock.
Founded in 2001, Aspen Aerogels has 159 local employees and 562 employees company-wide, making it the third largest clean energy company in Central Massachusetts when ranked by local employees, according to data provided to the WBJ Research Department. Its President and CEO Donald Young is the 10th highest-paid CEO in the region when ranked by total compensation for fiscal year 2023, having accumulated $3.62 million in total compensation, 40 times the amount of the company’s median employee compensation.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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