Ascent Solar to receive $7M in new funding from Redwood Management

Friday January 22, 2016 Tags: Thornton, Ascent Solar Technologies, EnerPlex, Redwood Management, Victor Lee

THORNTON -- Ascent Solar Technologies Inc.  (Nasdaq: ASTI), a maker of flexible, thin-film photovoltaic modules integrated into its EnerPlex series of consumer products, announced it is offering $7 million of a newly designed Series F 7 percent Convertible Preferred Stock to existing investor Redwood Management LLC.

Ascent said the Series F Preferred Stock will be issued to the investor through a registered direct offering.

A shelf registration statement (File No. 333-199214) related to the stock offering has been filed and declared effective by the SEC, Ascent said.

The complete terms of the financing have been included in a Form 8-K filed with the SEC on Jan. 20.

The $7 million in new funding is a supplement to the Committed Equity Line financing with Redwood secured in November.

The Series F financing will allow the company to postpone any further drawdowns under the CEL until later in 2016, Ascent said.

“We are pleased to have secured this additional funding,” said Victor Lee, company president and CEO. “This agreement will allow the company to more easily manage the drawdown of the CEL and further share issuance associated with the funding options.”