THORNTON, CO--(NewMediaWire - Sep 15, 2017) - Ascent
Solar Technologies, Inc. (OTCQB: ASTI), a developer and
manufacturer of state-of-the-art, flexible thin-film photovoltaic
(PV) solutions, announced that the Company has entered into a
Securities Purchase Agreement ("Agreement") with a new investor
("Investor") for the private placement of $1.725 Million of a newly
designated Zero Coupon Convertible Promissory Note ("Note").
Pursuant to the Agreement, the Note does not carry any interest,
however was issued at an original issuance discount of 13%,
resulting in gross proceeds of $1.5 Million to the Company. The
principal amount of the Note will be fully convertible at the
option of the Investor into common stock of the Company at a fixed
conversion price of $0.0040 per share, representing a substantial
conversion premium of 250% to the latest closing bid-price prior to
the Agreement. There are no registration rights applicable to the
Note.
The Company shall begin to make monthly installment payments
(initially $96K) in cash one month after the closing. The Company
also has the option from month 7 onwards to elect to repay the
Investor in cash or stock. Payments in stock would be made
using a 15% discount to the prevailing market price of the common
stock.
"We are pleased to have secured this new investment," commented
Victor Lee, President and CEO of Ascent Solar Technologies,
Inc. "The funding will provide an additional buffer to our
ongoing working capital needs as we continue to focus on the high
value specialty PV market. This new investment, particularly fixed
at a substantial conversion premium, reinforces our Investor's
belief in Ascent's strategy and the tremendous potential of the
Company's lightweight flexible CIGS solar panel, underscored by
the latest announcement that Ascent Solar was selected by
PowerKeep to develop and supply solar panels for the Energizer®
PowerKeep Line of Solar Products. We have strong momentum and look
forward to updating our shareholder as we execute on Ascents'
progress."
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc., an ISO 9001-2015 certified
company, 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 were
named one of the top 100 technologies in both 2010 and 2015 by
R&D Magazine, and one of TIME Magazine's 50 best inventions for
2011. The technology described above represents the cutting edge of
flexible power and can be directly integrated into consumer
products and off-grid applications, as well as other aerospace
applications. Ascent Solar is headquartered in Thornton, Colorado.
For more information, go to 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.