Ascent Solar Raising $35 Million for Retail ExpansionEhren Goossens
Ascent Solar Technologies Inc., a maker of solar-powered phone chargers and backpacks, is raising $35 million by selling convertible debt to an institutional investor.
Ascent will issue $32 million in senior secured convertible notes and $3 million in convertible preferred stock, as well as warrants to purchase shares of its common stock, Thornton, Colorado-based Ascent said today in a statement that didn’t identify the buyer.
The company will use the proceeds to fund its operations and to expand retail channels for its products, which include solar-powered charging cases for Apple Inc.’s iPhone and Samsung Electronics Co.’s Galaxy smartphone.
Ascent expects to receive $4.5 million at the close of the offering, which is expected by Nov. 21, and additional payments in regular installments.
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