Tuesday November 18, 2014 0 comments
THORNTON - Ascent Solar Technologies Inc. (NASDAQ: ASTI), a maker of thin-film PV modules for its EnerPlex line of consumer products, announced an agreement with an unidentified institutional investor to raise $35 million in new financing.
Pursuant to the definitive agreement, Ascent said it will issue $32 million in senior secured convertible notes, $3 million in Series D convertible preferred stock and warrants to purchase shares of its common stock.
The transaction is subject to closing conditions and is expected to close by Nov. 21.
WestPark Capital Inc. acted as the sole placement agent, Ascent said.
The company will receive $4.5 million in gross proceeds at closing, with the remaining $30.5 million in gross proceeds to be placed into restricted control accounts of the company, Ascent said.
Ascent said it intends to use the proceeds to fund continuing operations and expansion of its retail channels for its EnerPlex products in the U.S., Europe and Asia, brand building, and the launch of additional EnerPlex products.
Ascent recently announced that it signed an agreement with Hitfar Concepts Ltd. as its preferred distribution partner of EnerPlex products in Canada.
Hitfar is Canada's largest wireless accessory distributor, working with all of that nation's major telecom companies.