Aspen Aerogels, Inc. (NYSE: ASPN) today announced the pricing of an underwritten public offering of 1,700,000 shares of its common stock, at a purchase price to the public of $8.25 per share. In addition, in connection with the offering, Aspen has granted the underwriter a 30-day option to purchase up to an additional 255,000 shares of common stock solely to cover over-allotments, if any. The gross proceeds to Aspen from this offering are expected to be approximately $14.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Aspen, but excluding any exercise of the underwriter's option to purchase additional shares of common stock. The offering is expected to close on or about February 18, 2020, subject to customary closing conditions.

All of the securities in the offering are being sold by Aspen. Aspen intends to use the net proceeds from the offering for working capital and general corporate purposes.

Craig-Hallum Capital Group is acting as the sole managing underwriter for the offering.

About Aspen Aerogels, Inc.

Aspen is the global leader in aerogel technology. The company's mission is to enable its customers and partners to achieve their own objectives around the global megatrends of resource efficiency and sustainability. Aspen's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's Spaceloft® products provide building owners with industry-leading energy efficiency including options for a safe, non-combustible fire rating. The company's strategy is to partner with world-class industry leaders to leverage its aerogel technology platform into additional markets. Headquartered in Northborough, Mass., Aspen manufactures its products at its East Providence, R.I. facility.