Largest Shareholder to Further Invest in Ascent Solar at 43% Premium
June 11 2015 - 6:00AM
Business Wire
Ascent Solar Technologies, Inc. (Nasdaq: ASTI), a developer of
state-of-the-art, flexible thin-film photovoltaic modules,
integrated into the Company's EnerPlex™ series of consumer
products, announced today that it entered into a Stock Purchase
Agreement (SPA) on June 10, 2015 with its largest stockholder, TFG
Radiant Investment Group (“TFG Radiant”), for $1.0 million of
common stock. The transaction is expected to close on or before
July 17, 2015.
The transaction was priced at a fixed per share price of $1.00
or approximately a 43% premium above the closing price on June 9,
2015. On completion, the Company will issue 1,000,000 restricted
shares to TFG Radiant, which shares will be subjected to one year
trading restriction from the closing date. With this additional
investment, TFG Radiant’s ownership in the Company will be
approximately 17.0% of the outstanding common stock subsequent to
the closing.
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “TFG Radiant
continues to be very supportive of the company, and we appreciate
their continued belief and interest in Ascent. Their confidence in
our current business direction underscores the future prospects for
Ascent. We look forward to continued achievement of milestones in
product launches, revenue growth and profitable operations.”
Winston Xu, Chairman of TFG Radiant, said, “We strongly believe
in the underlying value of Ascent Solar and we are pleased to
increase our ownership stake in the company. The growth momentum,
demonstrated by the Company in the last two years clearly endorses
the strong foundation that has been built to enable accelerating
growth in sales. As the largest shareholder of Ascent Solar, TFG
Radiant strongly believes in Ascent’s business plan and is firmly
committed to the Company and its strategy for growth.”
About Ascent Solar Technologies: Ascent Solar
Technologies, Inc. is a developer of thin-film photovoltaic modules
with substrate materials that are more flexible, versatile and
rugged than traditional solar panels. Ascent Solar modules can be
directly integrated into consumer products and off-grid
applications, as well as aerospace and building integrated
applications. Ascent Solar is headquartered in Thornton, Colorado.
For more information, go to www.ascentsolar.com.
About EnerPlex (and design)™: EnerPlex is a registered
trademark in the USA, European Community, Australia, Japan and Hong
Kong. The EnerPlex brand represents Ascent's line of consumer
products. These products, many of which are integrated with
Ascent's proprietary CIGS technology, provide consumers with the
ability to integrate solar into their everyday lives, while
enabling them to free themselves and their electronics from the
outlet. For more information on the EnerPlex brand and to see the
product line, please visit www.goenerplex.com.
Forward-Looking Statements: Statements in this press release
that are not statements of historical or current fact constitute
"forward-looking statements." Such forward-looking statements
involve known and unknown risks, uncertainties and other unknown
factors that could cause the Company's actual operating results to
be materially different from any historical results or from any
future results expressed or implied by such forward-looking
statements. In addition to statements that explicitly describe
these risks and uncertainties, readers are urged to consider
statements that contain terms such as "believes," "belief,"
"expects," "expect," "intends," "intend," "anticipate,"
"anticipates," "plans," "plan," to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in the Company's filings with the
Securities and Exchange Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150611005250/en/
Ascent Solar TechnologiesJustin R. Jacobs,
1-720-872-5194jjacobs@ascentsolar.comorInvestor Relations
Contact:CleanTech IRBrion D. Tanous, 310-541-6824Mobile:
424-634-8592btanous@cleantech-ir.com
Ascent Solar Technologies (PK) (USOTC:ASTI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ascent Solar Technologies (PK) (USOTC:ASTI)
Historical Stock Chart
From Apr 2023 to Apr 2024