Thursday September 4, 2014 0 comments
THORNTON - Ascent Solar Technologies Inc. (NASDAQ: ASTI), a developer and maker of flexible thin-film photovoltaic modules integrated into its EnerPlex consumer products series, announced it has entered into a Stock Purchase Agreement with existing stockholders TFG Radiant Investment Group and Series A investor Seng Wei Seow for approximately $8 million of common stock.
In the first tranche of the transaction (now closed), Ascent issued 845,309 common shares to Seow and 845,309 shares to TFG Radiant at a fixed price per share of $2.366, representing a 30 percent premium to the company's closing price of $1.82 per share on Aug. 28.
That transaction netted $4 million to the company.
In the second tranche, Zayo said it will issue 1,425,000 common shares to TFG Radiant at a fixed per share price of $2.80, which is also expected to raise an additional $4 million.
Zayo said it plans to hold a special stockholder meeting in October to approve the second tranche shares. If approval is obtained, the second tranche will close shortly after the meeting.
"We are pleased that our largest shareholder continues to demonstrate great confidence in us as our transition to consumer value-added products has yielded higher revenues," said Dr. Amit Kumar, Ascent Solar chair.
"Our business model and strategy has undergone tremendous change, which has translated into growing interest in our new products resulting in strong revenue growth over last year.
"While the repositioning of the company is challenging, we now feel that we have completed much of the groundwork necessary for us to create value going forward."