THORNTON, CO - (NewMediaWire) - January 20, 2016
- Ascent Solar Technologies, Inc. (NASDAQ: ASTI),
a developer and manufacturer of state-of-the-art, flexible
thin-film photovoltaic modules integrated into the
Company's EnerPlex™ series of consumer products,
announced today that the Company is offering $7 million of a newly
designated Series F 7% Convertible Preferred Stock (the "Series F
Preferred Stock") to existing investor Redwood Management LLC.
The Series F Preferred Stock will be issued to the investor
through a registered direct offering.
A shelf registration statement (File No. 333-199214) relating to
the Series F Preferred Stock being offered has been filed with and
declared effective by the SEC.
A prospectus supplement relating to the offering of the Series F
Preferred Stock will be filed by the Company with the SEC. Copies
of the prospectus supplement, together with the accompanying
prospectus, can be obtained at the SEC's website at http://www.sec.gov or from Ascent Solar
Technologies, Inc., 12300 Grant Street, Thornton CO 80241,
Attention: Investor Relations.
The complete terms of the financing have been included in a Form
8-K filed by Ascent Solar with the SEC on January 20, 2016.
This press release does not and shall not constitute an offer to
sell, or the solicitation of an offer to buy, any of the
securities, nor shall there be any sale of securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration under the securities laws of any
state or jurisdiction. Any offering of the Series F preferred stock
will be made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration
statement.
The $7 million in new funding is a supplement to the Committed
Equity Line ("CEL") financing with Redwood that was secured in
November 2015. The Series F Preferred Stock financing will allow
the Company to postpone any further drawdowns under the CEL until
some later time in 2016.
"We are pleased to have secured this additional funding. This
agreement will allow the Company to more easily manage the drawdown
of the CEL and further share issuance associated with the funding
options," commented Victor Lee, President and CEO of Ascent Solar
Technologies, Inc.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules using flexible plastic substrate materials
that are more versatile and rugged than traditional solar panels.
Ascent Solar modules, which were named one of TIME Magazine's 50
best inventions for 2011, can be directly integrated into consumer
products and off-grid applications, commercial transportation,
automotive solutions, space applications, consumer electronics for
portable power and durable off-grid solutions. Ascent Solar is
headquartered in Thornton, Colorado. For more information, go
to www.goenerplex.com and www.ascentsolar.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.