Aspen Aerogels Files Supplemental Proxy Statement

TL;DR

Aspen Aerogels dropped a proxy update, check it before the annual meeting.

AI Summary

Aspen Aerogels Inc. filed a supplemental proxy statement on May 13, 2024, to its April 10, 2024, proxy statement for its annual meeting. The filing is a definitive proxy statement related to the Securities Exchange Act of 1934.

Why It Matters

This filing provides updated information to shareholders regarding the company's annual meeting, which is crucial for their participation in corporate governance and voting on important matters.

Risk Assessment

Risk Level: low — This is a routine administrative filing for a proxy statement, not indicating new financial risks or significant operational changes.

Key Players & Entities

• ASPEN AEROGELS INC (company) — Registrant
• 0001104659-24-060140.txt (document) — Filing document name
• May 13, 2024 (date) — Filing date
• April 10, 2024 (date) — Original proxy statement date

FAQ

Key Financial Figures

• $238.7 million — oubling its revenues in two years (with $238.7 million in consolidated revenue for 2023, as co
• $121.6 million — idated revenue for 2023, as compared to $121.6 million for 2021). Aspen has also delivered pro
• $238.7 million — solidated revenue 32% year-over-year to $238.7 million. 2 · Generated record PyroTh
• $110.1 m — yroThin® thermal barrier revenue of $110.1 million, up 98% year-over-year. &middot
• $128.6 m — Delivered Energy Industrial revenues of $128.6 million, despite being capacity constrain
• $84.2 million — company profitability in Q4 2023, where $84.2 million in quarterly revenue enabled gross marg
• $1.4 million — margins of 35% and operating income of $1.4 million. · Secured PyroThin award with
• $75 million — our EV customers. · Completed $75 million registered direct offering of common st
• $12.375 — ered direct offering of common stock at $12.375 per share in December 2023. ·
• $139.7 million — d the year with cash and equivalents of $139.7 million and believe that we are fully funded to
• $94.5 m — following: · Company revenue of $94.5 million, up 12% quarter-over-quarter (QoQ
• $65.4 million — ear (YoY). · Thermal Barriers: $65.4 million of revenue, up 23% QoQ and 459% YoY.
• $29.1 million — 459% YoY. · Energy Industrial: $29.1 million of supply constrained revenue, down 7%
• $150 million — ustrial segment on path to deliver over $150 million of revenue in 2024, shipped $14.6 milli
• $14.6 million — 150 million of revenue in 2024, shipped $14.6 million of revenue from our external manufactur

Filing Documents

• tm2414237d1_defa14a.htm (DEFA14A) — 71KB
• 0001104659-24-060140.txt ( ) — 72KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under § 240.14a-12 Aspen Aerogels, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 Aspen Aerogels, Inc. 30 Forbes Road, Building B Northborough, Massachusetts 01532 SUPPLEMENT DATED MAY 13, 2024 TO PROXY STATEMENT DATED APRIL 10, 2024 FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD MAY 30, 2024 On April 10, 2024, Aspen Aerogels, Inc. (“Aspen” or the “Company”) filed a definitive proxy statement (the “Proxy Statement”) with the Securities and Exchange Commission for the Company’s Annual Meeting of Stockholders scheduled for May 30, 2024 (the “Annual Meeting”), and on May 6, 2024, the Company filed a supplement to the Proxy Statement solely to correct an inadvertent error in the number of shares of common stock outstanding as of the close of business on April 3, 2024, the record date for the Annual Meeting. The Company is filing this additional supplement to its Proxy Statement to provide additional information for consideration by stockholders in voting on the proposals set out in the Proxy Statement. Dear Aspen Aerogels, Inc. Stockholders: We are writing to encourage you to vote in accordance with the recommendations of our Board of Directors (the “Board”) on all of the proposals in the Proxy Statement. In particular, for the reasons described below and as set out in the Compensation Discussion and Analysis (“CD&A”) beginning on page 28 of the Proxy Statement, we encourage you to vote “FOR” Proposal 3, the advisory vote on approval of executive compensation as disclosed in the Proxy Statement (the “Say-on-Pay Proposal”). You may have seen recommendations from the proxy advisory firms Institutional Shareholder Services and Glass Lewis that stockholders vote “AGAINST” the Say-on-Pay Proposal. We strongly disagree with those recommendations and believe that a vote “FOR” the Say-on-Pay Proposal is warranted, for the reasons described below. The Company’s 2023 Financial and Operational Performance was Strong (and Strong Performance has Continued in the First Quarter of 2024) Aspen is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials and electric vehicle (“EV”) markets. Among other opportunities, we believe that Aspen has a tremendous opportunity for continued growth as producer of the leading material for managing thermal issues in EVs. Capturing that opportunity will require Aspen to attract, retain and incentivize the high-performing leaders who can drive the development and successful execution of the Company’s strategies in a dynamic market environment. We also firmly believe that the evidence shows that Aspen’s executive compensation program has been effectively structured to provide our executives with the right incentives to help the Company to deliver on our stated goals. In this regard, in fiscal 2023, Aspen achieved its previously announced goal of effectively doubling its revenues in two years (with $238.7 million in consolidated revenue for 2023, as compared to $121.6 million for 2021). Aspen has also delivered progress on its guidance to investors targeting increased gross margins and Adjusted EBITDA margins on a path toward profitability, as shown in the Company’s performance results from the 2023 fiscal year and the first quarter of fiscal 2024. During the 2023 fiscal year, Aspen focused on driving top line growth from both our Thermal Barrier and Energy Industrial business segments, improving productivity and yields, maintaining careful control of operating expenses, optimizing the timing of capital expenditures, and accelerating on the path to near-term profitability. The Company’s performance results during 2023 included the following: · Grew record consolidated revenue 32% year-over-year to $238.7 million. 2 · Generated record PyroThin® thermal barrier revenue of $110.1 million, up 98% year-over-year. · Delivered Energy Industrial revenues of $128.6 million, despite being capacity constrained,

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