Ascent Solar Closes on $35 Million Financing
November 20 2014 - 6:00AM
Business Wire
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of
state-of-the-art, flexible thin-film photovoltaic modules,
integrated into the Company’s new EnerPlex™ series of consumer
products, announced today the closing of its previously announced
$35 million financing.
At closing, the Company issued (i) $32 million principal
amount of senior secured convertible notes, (ii) $3 million of
Series D convertible preferred stock and (iii) warrants to
purchase shares of its common stock. At closing, Ascent received
unrestricted access to $4.5 million, while the remaining $30.5
million of gross proceeds have been deposited into a restricted
control account of the Company. Once stockholder approval for the
share issuances relating to the financing is obtained and the
Company’s resale registration statement is declared effective, the
Company will receive an additional $2.5 million of unrestricted
gross proceeds from the control account. The Company will receive
an additional $6.0 million of unrestricted gross proceeds from the
control account 75 days after receiving the installment of $2.5
million. Thereafter, the remaining gross proceeds of $22 million
will be released for the Company’s use in $6.0 million installments
every 90 days.
Ascent intends to use the proceeds of the offering to fund the
continued operations and expansion of its retail channels for its
EnerPlex products in the US, Europe and Asia, brand building, as
well as the launch of additional EnerPlex products.
The economic terms of the notes and the Series D Preferred Stock
are substantially similar.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules using flexible substrate materials that can
transform the way solar power generation integrates into everyday
life. Ascent Solar modules, which were named one of TIME Magazine's
50 best inventions for 2011, can be directly incorporated into
standard building materials, commercial transportation, automotive
solutions, space applications, consumer electronics for portable
power and durable off-grid solutions. More information can be found
at http://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.
The notes and warrants were issued to the investor in a private
placement. As part of the financing, the Company entered into a
registration rights agreement pursuant to which it agreed to file a
registration statement following closing with the U.S. Securities
and Exchange Commission (the “SEC”) registering for resale a
portion of the shares of common stock issuable upon conversion of,
or as payment of principal and interest on, the notes and upon
exercise of the warrants.
The Series D 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 D preferred stock being offered has been
filed with and declared effective by the SEC.
A prospectus supplement relating to the offering of the Series D
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.
This press release includes a summary of the general terms of
the transaction. The complete terms of the financing have been
included in a Form 8-K filed by Ascent Solar with the SEC on
November 17, 2014.
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 D preferred stock
will be made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement
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.
CleanTech IRBrion Tanous, 310-541-6824Mobile:
424-634-8592btanous@cleantech-ir.comorAscent Solar
TechnologiesJustin R. Jacobs,
1-720-872-5194jjacobs@ascentsolar.com
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