Why Aspen Aerogels Shares Are Plummeting Afterhours - Aspen Aerogels (NYSE:ASPN)

Aspen Aerogels Inc (NYSE:ASPN) shares plunged 25% in the post-market session after it announced plans to offer $225 million of common stock and $150 million aggregate principal amount of green convertible senior notes due 2027 in separate concurrent public offerings.
Underwriters will be granted a 30-day option to purchase up to an additional 15% of the applicable securities.
The notes will be convertible into cash, shares of ASPN’s common stock, or a combination of cash and common stock at the election of the company.
Aspen intends to use the net proceeds to partially fund its planned capital projects and other general corporate purposes. The company anticipates that this use of net proceeds will qualify as Eligible Green Expenditures for the Notes offering.
Price Action: ASPN shares are trading lower by 22.70% at $11.40 during the post-market session on Tuesday.

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