Ascent Solar to Receive $6.0 Million Funding Boost from Asian Investor
THORNTON, Colo. -- June 18, 2013
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated into the
company’s new EnerPlex^TM series of consumer products, announced today the
signing of an agreement to raise $6 million through a private placement to a
high net worth private investor in Asia. In the private placement, the Company
will issue (i) shares of Series A Preferred Stock convertible, at a conversion
price of $0.80 per share, into 7,500,000 shares of common stock and (ii)
warrants with a three year term to acquire 2,625,000 shares of common stock at
a cash exercise price of $0.90 per share.
The private placement will be funded in three tranches, with the initial $1
million tranche to be closed this week. The remaining two tranches are
expected to fund after a registration statement to be filed by the Company
relating to the private placement securities is declared effective by the
Securities and Exchange Commission.
Ascent intends to use the proceeds of the offering to fund the continued
expansion of its retail channels for its EnerPlex products in the US, Europe
and Asia, brand building, as well as the launch of additional products for
EnerPlex product line expansion.
Victor Lee, Ascent’s President & CEO said, “We are pleased to have secured
this additional funding, particularly from a private investor whom appreciates
and shares the long term vision of the Company. This is truly a vote of
confidence in our continued paradigm shift and strategy for growth.”
The securities offered in the private placement have not been registered under
the Securities Act of 1933, as amended, or applicable state securities laws.
Accordingly, the securities may not be offered or sold in the United States
except pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act and such
applicable state securities laws.
This notice is issued pursuant to Rule 135c under the Securities Act and does
not constitute an offer to sell or the solicitation of an offer to buy the
securities, nor shall there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such state.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic
modules with substrate materials that can be more flexible and affordable than
most traditional solar panels. Ascent Solar modules can be directly integrated
into standard building materials, aerospace applications, consumer electronics
for portable power or configured as stand-alone modules for large scale
terrestrial deployment. Ascent Solar is headquartered in Thornton, Colorado.
For more information, go to www.ascentsolar.com.
The EnerPlex brand represents Ascent Solar’s line of consumer products. These
products, many of which are integrated with Ascent Solar’s transformational
CIGS technology, provide consumers with the ability to integrate solar into
their everyday lives, while enabling them to free themselves and their
electronics from the outlet. For more information on the EnerPlex brand and to
see the product line, please visit www.goenerplex.com.
Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements." Such forward-looking
statements involve known and unknown risks, uncertainties and other unknown
factors that could cause the Company's actual operating results to be
materially different from any historical results or from any future results
expressed or implied by such forward-looking statements. In addition to
statements that explicitly describe these risks and uncertainties, readers are
urged to consider statements that contain terms such as "believes," "belief,"
"expects," "expect," "intends," "intend," "anticipate," "anticipates,"
"plans," "plan," to be uncertain and forward-looking. The forward-looking
statements contained herein are also subject generally to other risks and
uncertainties that are described from time to time in the Company's filings
with the Securities and Exchange Commission.
Ascent Solar Technologies
Brion Tanous, 310-541-6824
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