Ascent Solar to Raise $32 Million Offering Convertible NotesJustin Doom
Ascent Solar Technologies Inc., a maker of solar-powered phone chargers and backpacks, agreed to sell $32 million of convertible debt.
Ascent expects the transaction to close July 25 and will immediately receive $7 million, with the balance disbursed in installments over the following 18 months, the Thornton, Colorado-based company said today in a statement.
The company’s products include solar-powered charging cases for Apple Inc.’s iPhone and Samsung Electronics Co.’s Galaxy smartphone.
The notes carry a rate of 8 percent and mature five years after the deal closes. They are convertible into common shares each worth 52.5 cents. The company will also issue warrants to the buyers to purchase about 26.7 million common shares at the same price.
Ascent fell 4.8 percent to 40 cents at the close in New York.