Friday September 15, 2017 0 comments
THORNTON -- Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic (PV) solutions, announced it entered into a Securities Purchase Agreement with a new investor for the private placement of $1.725 million of a newly designated Zero Coupon Convertible Promissory Note.
Under the agreement, Ascent will realize gross proceeds of $1.5 million in new funding. The identity of the investor was not disclosed.
Ascent said the principal amount of the note will be fully convertible at the option of the investor into common stock of the company at a fixed conversion price of $0.0040 per share, representing a substantial conversion premium of 250% to the latest closing bid-price prior to the agreement.
Ascent said it will begin to make monthly installment payments (initially $96K) in cash one month after the closing, with the option from month 7 onwards to elect to repay the investor in cash or stock.
Payments in stock would be made using a 15% discount to the prevailing market price of the common stock.
"We are pleased to have secured this new investment," said Victor Lee, Ascent’s president and CEO.
"The funding will provide an additional buffer to our ongoing working capital needs as we continue to focus on the high value specialty PV market. This new investment, particularly fixed at a substantial conversion premium, reinforces our investor's belief in Ascent's strategy and the tremendous potential of the company's lightweight flexible CIGS solar panel, underscored by the latest announcement that Ascent Solar was selected by PowerKeep to develop and supply solar panels for the Energizer® PowerKeep Line of Solar Products.
“We have strong momentum and look forward to updating our shareholder as we execute on Ascents' progress."