Ascent Solar Slumps Most on Record on Secondary Offering

Ascent Solar Technologies Inc. (ASTI), a U.S. maker of thin-film solar panels, fell the most on record after announcing plans to raise about $11 million in a secondary offering of stock.

Ascent fell 29 percent to $1.20 at the close in New York, the most since its initial public offering in 2006.

Ascent will offer 9.17 million shares at $1.20 each, according to a statement released after the close of regular trading yesterday. The transaction is expected to close on Sept. 25 and the Thornton, Colorado-based company will use the proceeds for general corporate purposes.

Aegis Capital Corp. is managing the offering.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.