Thursday June 22, 2017 0 comments
THORNTON -- Ascent Solar Technologies, Inc. (OTCQB: ASTI ), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announced Hong Kong Boone Group Limited ("Boone Group") has elected to convert another 1,400 shares ($1,400,000 of invested capital) of the Series K Convertible Preferred Stock into Common Stock of the company at the fixed price of $0.0040 per share, pursuant to the Securities Purchase Agreement ("Agreement") between the company and Boone Group entered into on Feb. 8, 2017.
Upon conversion, the company issued an additional 350,000,000 shares of restricted Common Stock to the Boone Group.
In aggregate, Ascent said Boone Group has converted $3.2 million worth of Series K Preferred Stock and now owns 800,000,000 shares of the company, which represents approximately 12.1% of the company's total outstanding shares post conversion.
The fixed conversion price of $0.0040 per share represents a significant premium of 800% to the company's latest closing price of $0.0005 prior to the conversion notice.
"We remain fully committed to investing in the company for the long term and are not deterred by short-term fluctuations of the stock price,” said Song Liang, Boone Group founder and chairman.
"Our long-term vision is aligned with Ascent's strategy. In addition to our $20 million funding commitment to Ascent Solar, we will also provide other support to Ascent Solar through our vast resources in China to help the company swiftly commercialize its state-of-the-art technology and unique products in China."
"The increase in shareholding of Ascent Solar by Boone Group, despite the large premium over the current stock price, clearly demonstrates its belief in Ascent Solar and the company's award-winning flexible CIGS solar technology,” said Victor Lee, Ascent’s president and CEO.
“We look forward to working with the Boone Group to swiftly penetrate the fast-growing Chinese market, which is exhibiting an annual demand in solar power of well over 60 gigawatts."