Tuesday April 21, 2015 0 comments
THORNTON -- Ascent Solar Technologies Inc. (NASDAQ: ASTI), a developer and maker of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company’s EnerPlex series of consumer products, announced it entered into a Stock Purchase Agreement with TFG Radiant Investment Group for $1 million in common stock.
The transaction closed April 17, Ascent said.
The transaction was priced at a fixed per-share price of $1, and the company has issued 1 million restricted shares to Radiant. The shares will become unrestricted one year from the closing date.
With the investment, TFG Radiant’s ownership in Ascent has increased to approximately 17 percent of the outstanding common stock subsequent to the closing.
“TFG Radiant has been very supportive of the company, and we appreciate their continued enthusiasm and interest in Ascent,” said Dr. Amit Kumar, Ascent chairman.
“Their confidence in our current business direction underscores the future prospects for Ascent. We look forward to continuing achieving milestones in product launches, revenue growth and profitable operations.”
“We are more upbeat now than ever with regards to Ascent’s future success and believe this is a good time to increase our ownership stake in the company,” said Winston Xu, TFG Radiant chairman.
“As the largest shareholder of Ascent Solar, TFG Radiant strongly believes in Ascent’s business plan and is firmly committed to the company and its strategy for growth.”