Wednesday November 11, 2015 0 comments
THORNTON -- Ascent Solar Technologies Inc. (Nasdaq: ASTI), a maker of photovoltaic modules for its EnerPlex series of products, today announced the company has entered into two definitive agreements to raise $35 million from an accredited private investor.
Under the agreements, Ascent Solar said it will issue up to $2.8 million of a principal amount of its newly designated Series E 7 percent convertible preferred stock and enter into a Committed Equity Line purchase agreement with the investor.
The CEL allows the company to sell to the investor and the investor is obliged to purchase from the company up to $32.2 million of the company’s stock over a 36-month period.
“We are extremely satisfied to have secured this new investment,” said Victor Lee, Ascent’s president and CEO. “The new funding will not only provide us with ongoing working capital but also will be an important part of our ongoing restructuring exercise of our outstanding senior secured notes, which we announced in September and October of 2015.
“The new investment structure aims to provide more transparency to investors, as well as to give the company more flexibility to manage our cash flow requirements without being restricted by a long-term debt structure and associated covenants.”