Koch, Inc. Amends Aspen Aerogels Stake Filing

TL;DR

Koch just updated their Aspen Aerogels filing, looks like they're still a major player.

AI Summary

Koch, Inc. has amended its Schedule 13D filing regarding Aspen Aerogels, Inc. as of August 1, 2024. The filing indicates a change in beneficial ownership, with Koch, Inc. now holding a significant stake in Aspen Aerogels, Inc. The specific percentage and number of shares are detailed within the amendment.

Why It Matters

This amendment signals a potential shift in control or influence for Aspen Aerogels, Inc., which could impact its strategic direction and shareholder value.

Risk Assessment

Risk Level: medium — Changes in significant beneficial ownership can lead to increased volatility and potential strategic shifts for the company.

Key Players & Entities

• Koch, Inc. (company) — Filing person and significant shareholder
• Aspen Aerogels, Inc (company) — Subject company
• Raffaele G. Fazio (person) — Contact person for Koch, Inc.
• August 1, 2024 (date) — Date of event requiring filing

FAQ

Key Financial Figures

• $0.00001 — me of Issuer) Common stock, par value $0.00001 per share (Title of Class of Securiti
• $21 — 3,462,124 Public Shares, at a price of $21.663, for an aggregate purchase price of
• $75.0 million — 663, for an aggregate purchase price of $75.0 million. On February 15, 2022, Wood River ent
• $100.0 million — er relating to the issuance and sale of $100.0 million in aggregate principal amount of the Is
• $1,000 — conversion rate of 28.623257 shares per $1,000 principal amount of the Notes, subject
• $27.902 — 1,791,986 Public Shares, at a price of $27.902 per share, for an aggregate purchase pr
• $50.0 m — gregate purchase price of approximately $50.0 million, pursuant to the terms of the Feb
• $9.50 — price to the public in the Offering was $9.50 per Public Share. In addition, under th
• $21.663 — lic Shares at a purchase price equal to $21.663 per share, for aggregate gross proceeds
• $1,312,500 — rities, LLC a financial advisory fee of $1,312,500 in connection with the transaction cont
• $34.936625 — equal to an initial conversion price of $34.936625 per share (the Initial Conversion Price
• $5.00 — Initial Conversion Price was reduced by $5.00 from $34.936625 per Public Share to $29
• $29.936625 — .00 from $34.936625 per Public Share to $29.936625 per Public Share by increasing the init

Filing Documents

• d856651dsc13da.htm (SC 13D/A) — 135KB
• d856651dex997.htm (EX-99.7) — 9KB
• 0001193125-24-193112.txt ( ) — 145KB

From the Filing

SC 13D/A 1 d856651dsc13da.htm SC 13D/A SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 4) Aspen Aerogels, Inc (Name of Issuer) Common stock, par value $0.00001 per share (Title of Class of Securities) 04523Y105 (CUSIP Number) Koch, Inc. 4111 East 37 th Street North Wichita, Kansas 67220 Attn: Raffaele G. Fazio (316) 828-8310 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 1, 2024 (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. Note : Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of section 18 of the Securities Exchange Act of 1934 (the Exchange Act ) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to all other provisions of the Exchange Act (however, see the Notes). CUSIP: 04523Y105 Page: Page 2 of 14 1 NAMES OF REPORTING PERSONS Koch Industries, LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)(b) 3 SEC USE ONLY 4 SOURCE OF FUNDS WC (See Item 3) 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) 6 CITIZENSHIP OR PLACE OF ORGANIZATION Kansas NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7 SOLE VOTING POWER 0 (1) 8 SHARED VOTING POWER 0 9 SOLE DISPOSITIVE POWER 0 (1) 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 (1) 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% (1) 14 TYPE OF REPORTING PERSON OO (1) Effective August 1, 2024, pursuant to an internal reorganization, Koch Industries, LLC (formerly known as Koch Industries, Inc.) (KII) ceased to own equity interests, directly or indirectly, of Wood River Capital, LLC (Wood River), and Koch, Inc. became the indirect ultimate parent company of both Wood River and KII. Accordingly, KII no longer has (or shall be deemed to have) beneficial ownership of any shares of common stock, par value $0.00001 per share (the Public Shares), of Aspen Aerogels, Inc. (the Issuer) held by Wood River. CUSIP: 04523Y105 Page: Page 3 of 14 1 NAMES OF REPORTING PERSONS Wood River Capital, LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)(b) 3 SEC USE ONLY 4 SOURCE OF FUNDS AF (See Item 3) 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7 SOLE VOTING POWER 16,420,425 (1) 8 SHARED VOTING POWER 0 9 SOLE DISPOSITIVE POWER 16,420,425 (1) 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,420,425 (1) 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.45% (2) 14 TYPE OF REPORTING PERSON OO (1) Represents (i) 12,280,426 Public Shares held by Wood River and (ii) 4,139,999 Public Shares of the Issuer which may be issuable to Wood River upon conversion of the Issuers Convertible Senior PIK Toggle Notes due 2027 (the Notes) (inclusive of PIK interest paid through June 30, 2024) (as defined and described in Items 3 and 6 of the Schedule 13D). (2) Calculated using 80,301,209 Public Shares deemed outstanding as of May 1, 2024 as reported in the Issuers Quarterly Report on Form 10-Q filed with the SEC on May 2, 2024, including (i) 76,161,210 shares of common stock of the Issuer outstanding as of May 1, 2024, as set forth in the Issuers Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on May 2, 2024 and (ii) 4,139,999 shares of common stock of the Issuer issuable upon conversion of the Notes (inclusive of PIK interest paid through June 30, 2024). CUSIP: 04523Y105 Page: Page 4 of 14 1 NAMES OF REPORTING PERSONS Koch, Inc. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)(b) 3 SEC USE ONLY 4 SOURCE OF FUNDS AF (See Item 3

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