ASPN - Aspen Aerogels stock drops on stock senior notes offering

Aspen Aerogels (NYSE:ASPN) shares dropped over 16% during Tuesday extended trading after the firm proposed concurrent public offerings of common stock and green convertible senior notes due 2027. The electrification solutions provider plans to offer $225M of common stock and $150M of the notes. Underwriters of each offering will be granted a 30-day option to purchase up to an additional 15% of the applicable securities solely to cover over-allotments. Notes will accrue interest payable semi-annually in arrears and will be convertible into cash, shares of the company's common stock or a combination of cash and common stock. They will mature on July 1, 2027. Net proceeds from the offerings will be used to partially fund planned capital projects and general corporate purposes.

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Aspen Aerogels stock drops on stock, senior notes offering