Ascent, based in Thornton, Colorado, will issue Series A preferred stock that may be converted into 7.5 million common shares for 80 cents each, according to a statement today. The company also will issue three-year warrants to acquire an additional 2.63 million shares at 90 cents each.
The company rose 4 percent to 78 cents at the close in New York.
Ascent plans to use the funds to expand its line of EnerPlex consumer products, which includes a solar charging case for Apple Inc.’s iPhone.
The first of three funding tranches, worth $1 million, is expected to close this week and the remainder will occur after a registration statement is declared effective by the Securities & Exchange Commission, according to the statement.
Ascent hasn’t reported a profitable quarter since it went public in 2006, according to data compiled by Bloomberg. The company also is pursuing transportation, aerospace and off-grid applications for its products.
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