Ascent Solar Secures $10 Million Registered Direct Financing with Ironridge
THORNTON, Colo. -- October 30, 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 $10 million through a registered direct
offering with institutional investor Ironridge Technology Co., a division of
Ironridge Global IV LTD. In the transaction, the Company will issue up to $10
million of Series B convertible preferred stock in two tranches.
The initial $5 million tranche is expected to close this week, upon
satisfaction of customary closing conditions. The initial tranche preferred
stock will be convertible into shares of common stock at a fixed conversion
price of $1.15 per common share.
The second tranche of $5 million is expected to close in late 2013 or the
early part of 2014. The second tranche preferred stock will be convertible
into shares of common stock at a fixed conversion price of either $1.15 or
$1.50 per common share.
Ascent intends to use the proceeds of the offering to fund the continued
operations and expansion of its retail channels for its EnerPlex products in
the US, Europe and Asia, brand building, as well as the launch of additional
A shelf registration statement (File No. 333-178821) relating to the
securities being offered has been filed with and declared effective by the
Securities and Exchange Commission (the “SEC”). A prospectus supplement
relating to the offering will be filed by the Company with the SEC. Copies of
the prospectus supplement, together with the accompanying prospectus, can be
obtained at the SEC’s website at http://www.sec.gov or from Ascent Solar
Technologies, Inc., 12300 Grant Street, Thornton CO 80241, Attention: Investor
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company in this offering. There shall
not be any offer, solicitation of an offer to buy, or sale of securities in
any state or jurisdiction in which such an offering, solicitation, or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction. Any offering will be made only by
means of a prospectus, including a prospectus supplement, forming a part of
the effective registration statement.
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.
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
Ascent Solar Technologies
Justin R. Jacobs, 1-720-872-5194
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