THORNTON, Colo.--(BUSINESS WIRE)--
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 it entered into definitive
agreements on July 18, 2014 with institutional and certain investors,
pursuant to which it will issue $32 million principal amount of senior
secured convertible notes and warrants to purchase shares of its common
stock in a private placement. The transaction is subject to customary
closing conditions and is expected to close by July 25, 2014. WestPark
Capital, Inc. acted as the sole placement agent.
Ascent Solar will receive $7 million in gross proceeds at closing. The
remaining gross proceeds of $25 million from the financing will be
placed at closing into control accounts of the company. Those funds will
be released for the company’s use in installments over the 18-month
period following the closing.
The notes carry an 8% annual interest rate, subject to certain
adjustments. The notes will mature on the fifth anniversary of closing.
The notes are convertible, in whole or in part, at the holder's option,
into shares of Ascent Solar’s common stock at a price of $0.5246 per
share, subject to certain adjustments.
In connection with the sale of the notes, Ascent Solar will issue to the
investors warrants to purchase 26,685,729 shares of its common stock.
The warrants are exercisable beginning on the issuance date through the
fifth anniversary of closing, at $0.5246 per share, subject to certain
adjustments. Any funds received by Ascent Solar from exercise of the
warrants would be in addition to the financing proceeds.
Ascent Solar entered into a registration rights agreement with the
investors 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.
Victor Lee, President and CEO of Ascent Solar, said, “We are extremely
pleased with the completion of this agreement, especially from these
sophisticated institutional investors. This is the largest financing
commitment, by far, that we have received from investors in several
years and will provide sufficient capital to finance our expected rapid
“The significant size of this funding will dramatically advance Ascent
Solar’s business plan and execution. The continued growth in our product
sales, the expansion of our product portfolio, the expansion of our
distribution network, and the initiation of our partnership in China are
all attractive aspects of our business going forward,” stated Dr. Amit
Kumar, Chairman of the Board of Directors of Ascent Solar.
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 July 21, 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.
About Ascent Solar Technologies, Inc.:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic
modules with substrate materials that are more flexible, versatile and
rugged than traditional solar panels. Ascent Solar modules can be
directly integrated into consumer products and off-grid applications, as
well as aerospace and building integrated applications. Ascent Solar is
headquartered in Thornton, Colorado. For more information, go to www.goenerplex.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 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 “believe,” “expect,” “intend,” “anticipate,”
“plan,” and other words and terms of similar meaning 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 SEC. The
Company disclaims any intention or obligation to update or revise any
financial or other projections or other forward-looking statements,
whether because of new information, future events or otherwise.
Brion D. Tanous, 310-541-6824
Solar Technologies, Inc.
Justin R. Jacobs, 1-720-872-5194
Source: Ascent Solar Technologies, Inc.