Why Aspen Aerogels Stock Spiked Today

Aspen Aerogels Inc ASPN shares are trading higher Thursday after the company announced it decided not to proceed with the concurrent public offerings of its common stock and its green convertible senior notes due 2027 due to market conditions.

"The decision not to proceed with the concurrent offerings results from an assessment by the Company that current market conditions are not conducive for the offerings on terms that would be in the best interests of Aspen's shareholders," the company said.

Aspen Aerogels is a technology company focused on sustainability. The company's aerogel technology enables its customers to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy.

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ASPN Price Action: Aspen Aerogels has traded between $65.98 and $7.93 over a 52-week period. The stock spiked to nearly $14 per share in premarket trading before pulling back.

Aspen shares were up 11.2% at $9.37 at press time, according to data from Benzinga Pro.