via NewMediaWire – Ascent Solar Technologies, Inc. (NASDAQ: ASTI)
(“ASTI” or the “Company”) – ASTI, the leading U.S. innovator
in the design and manufacture of featherweight, flexible thin-film
photovoltaic (PV) solutions, announced today that it has secured an
equity-based financing facility in an aggregate principal amount of
up to $50 million from two institutional investors. Bryan Garnier
& Co acted as sole placement agent and financial advisor to the
Company.
On December 19, 2022, the Company entered into a securities
purchase contract (the “Purchase Contract”) with the investors,
pursuant to which the Company issued $12,500,000 in convertible
advance notes (the “registered advance notes”), in a registered
direct offering, for an aggregate purchase price of $11,250,000 in
cash, net of an original issuance discount of $1,250,000, and an
additional $2,500,000 convertible advance notes (the “private
placement advance notes”), in a concurrent private placement
transaction, for an aggregate purchase price of $2,250,000 in cash,
net of an original issuance discount of $250,000, as well as
warrants to purchase up to 2,513,405 shares of common stock. The
convertible advance notes issued under the facility will bear
interest at a rate of 4.5% per annum, which is payable, at the
option of ASTI subject to certain conditions, in kind or in cash,
and are convertible, at the option of the investors from time to
time, into shares of ASTI’s common stock, in the amounts and on the
terms in the convertible advance notes, or repayable in cash at
maturity 18 months after issuance. Under the Purchase Contract,
beginning 210 days after the entry into the Purchase Contract and
subject to the satisfaction of certain other terms and conditions,
the Company may offer and sell to one of the investors additional
convertible advance notes, not to exceed $1,000,000 (or, with the
consent of the investor, $2,000,000) in aggregate principal amount
in any 30-day period, in subsequent registered direct offerings at
a purchase price equal to 90% of the principal amounts of the
notes, for up to a maximum aggregate principal amount of
$35,000,000 of additional convertible advance notes during the term
of the Purchase Contract. The Purchase Contract contains
certain affirmative and negative covenants and events of
default.
The Company intends to use the net proceeds of the financing to
pay fees and expenses related to the financing and for working
capital and other general corporate purposes, which may include,
among other things, financing its continued growth, strategic
investments in potential partners, capital expenditures and to
satisfy other working capital requirements.
“We’re delighted to have secured this capital commitment,
particularly in today’s economic climate,” said Jeffrey Max, ASTI
President and CEO. “Ascent is the leading flexible thin-film
solar player in the US; we are seeing a resurgence of innovative
OEM demand for thin-film solar solutions, as well as support by
government and ESG-conscious investors alike – it’s a very exciting
time to be in the renewable energy space. We believe Ascent’s
decades of innovation and manufacturing experience give us a huge
advantage.”
“This capital comes at a terrific time, as we are seeking to
expand R&D and production to serve an ever-broader base of
industries and use-cases in addition to funding our working capital
needs,” Max continued. “With a strong new leadership team in
place, when strategic growth or investment opportunities arise, we
believe ASTI will be ready to move.”
The registered advance note and the underlying shares of common
stock were offered by ASTI pursuant to a shelf registration
statement on Form S-3, which was filed with the U.S. Securities and
Exchange Commission (the “SEC”) on October 21, 2022, amended on
November 3, 2022, and declared effective by the SEC on November 7,
2022, and the base prospectus contained therein. The offering was
made only by means of a prospectus supplement that forms a part of
the registration statement.
Copies of the final prospectus supplement and accompanying base
prospectus may be obtained on the SEC's website at
http://www.sec.gov or by contacting Bryan Garnier Securities LLC at
750 Lexington Avenue, 16th Floor, New York, NY 10022, USA, +1
212-337-7000 or dzack@bryangarnier.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful, prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Ascent Solar Technologies, Inc.
Backed by 40 years of R&D, 15 years of manufacturing
experience, numerous awards, and a comprehensive IP and patent
portfolio, Ascent Solar Technologies, Inc. is a leading provider of
innovative, high-performance, flexible thin-film solar panels for
use in environments where mass, performance, reliability and
resilience matter. Ascent’s photovoltaic (PV) modules have
been deployed on space missions, multiple airborne vehicles,
agrivoltaic installations, in industrial/commercial construction as
well as an extensive range of consumer goods, revolutionizing the
use cases and environments for solar power. Ascent Solar’s
research and development center and 5-MW nameplate production
facility are located in Thornton, Colorado. To learn more, visit
https://www.ascentsolar.com
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
including statements about the financing transaction, our business
strategy and the potential uses of the proceeds from the
transaction. 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. We have
based these forward-looking statements on our current assumptions,
expectations and projections about future events. In addition to
statements that explicitly describe these risks and uncertainties,
readers are urged to consider statements that contain terms such as
“will,” "believes," "belief," "expects," "expect," "intends,"
"intend," "anticipate," "anticipates," "plans," "plan," to be
uncertain and forward-looking. No information in this press release
should be construed as any indication whatsoever of our future
revenues, stock price, or results of operations. 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 including those discussed under the heading
“Risk Factors” in our most recently filed reports on Forms 10-K and
10-Q.
Investor Relations & Media Contacts: IR@ascentsolar.com
&publicrelations@ascentsolar.com
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