Wednesday May 31, 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 has converted another 1,000 shares ($1M of invested capital) of the Series K Convertible Preferred Stock into Common Stock of the company at a fixed price of $0.0040 per share, pursuant to the Securities Purchase Agreement between the company and Boone Group entered into on Feb. 8, 2017.
Upon conversion, Ascent Solar said it issued an additional 250,000,000 shares of restricted Common Stock to the Boone Group. In aggregate, Boone Group now owns 450,000,000 shares of the company, which represents about 7.9% of its total outstanding shares post conversion.
The fixed price of $0.0040 per share represents a significant premium of 700% to the company's latest closing bid price of $0.0005 prior to the conversion notice, Ascent Solar said.
"We are pleased with the progress of Ascent Solar since the signing of the agreement, and we remain fully committed to investing in the company despite the short-term fluctuation of the stock price,” said Song Liang, Boone Group chair and founder.
"Our long term vision is aligned with Ascent's strategy. In addition to our funding commitment to Ascent Solar, we will also provide other support through our vast resources in China to help the company swiftly commercialize its unique products in China."
"By electing to further convert into Common Stock despite the large premium over the current stock price, the Boone Group is underscoring its belief in Ascent Solar and the Company's lightweight flexible CIGS solar technology,” said Victor Lee, Ascent Solar’s president and CEO.
“We look forward to working with the Boone Group to penetrate the Chinese market which is exhibiting a large growing annual demand in solar power of well over 60 gigawatts."