Ascent Solar’s Largest Shareholder Completes Common Stock Investment at $2.80 per Share
Ascent Solar Technologies, Inc. (“Ascent”) (NASDAQ:ASTI) , a manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into off-grid applications and the company’s EnerPlexTM series of consumer products, announced today the completion of the second tranche of Common Stock Investment pursuant to the Stock Purchase Agreement (“SPA”) dated August 29, 2014 and approved at a Special Shareholder Meeting held on October 22, 2014.
In the first tranche of the transaction, which closed on August 29, 2014, the Company issued 845,309 common shares to a Series A investor and 845,309 shares to Ascent’s largest shareholder, TFG Radiant Investment Group Ltd (“TFG Radiant”) at a fixed per share price of $2.366, representing a 30% premium to the closing price of $1.82 per share on August 28, 2014. The first tranche closure resulted in net proceeds of $4.0 million to the Company.
In the second tranche of the transaction, which has just been completed, the Company issued an additional 1,425,000 common shares to TFG Radiant at a fixed per share price of $2.80, representing a 54% premium to the closing price on August 28, 2014 and approximately 44% premium to yesterday’s closing price. The closure results in additional net proceeds of approximately $4.0 million to the Company. TFG Radiant’s ownership of the Company has now increased to approximately 24% of the outstanding common stock.
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “This is an exciting period for Ascent as we hope to reap the rewards of the hard work incurred in repositioning the company. Because of the unique and superior attributes of our technology, we have been able to create a new type of solar energy company where we are able to sell our products at a price that can be factors of 10 or greater than other solar manufacturers. Our focus in the near future will be to expand the portfolio of products, increase and expand the distribution channels, and reduce manufacturing costs by shifting our production to China, aided by the funding expected to be received from the municipal government of Suqian. As our business continues to demonstrate sales growth, we are pleased to have the support of our largest shareholder.”
“We are very encouraged by the progress that Ascent has made since they embarked on a new business strategy, especially with the introduction of the EnerPlex family of products,” said Winston Xu, Chairman of TFG Radiant. “TFG Radiant continues to have strong faith in the Company. Ascent’s transformational photovoltaic technology is second to none and is poised to experience wide spread acceptance and application of its flexible and lightweight solar panels.”
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.
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.
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