Ascent Solar Technologies Substantially Reduces Outstanding Debt
12 Outubro 2023 - 9:45AM
Ascent Solar Technologies, (Nasdaq: ASTI) (“ASTI” or the
“Company”), the leading U.S. innovator in the design and
manufacture of featherweight, flexible, and durable CIGS thin-film
photovoltaic (PV) solutions, announced today that following the
application of the proceeds of the Company's recent public
offering, the Company's remaining outstanding debt has been reduced
to $1.7M.
The paydown aligns with leadership’s commitment
to reduce leverage as it executes its strategy to increase the
efficiency of its thin-film PV module and commercialize its
technology with the goal of achieving profitability. Ascent’s Board
of Directors and Chief Executive Officer Paul Warley collectively
invested $380,000 in the recent offering.
“Ascent is not just greatly reducing its debt,
we are reaffirming our belief in our team, vision and the
high-growth market opportunity before us,” said Paul Warley, CEO at
Ascent Solar. “We have recently achieved remarkable efficiency
gains that serve as differentiators between Ascent and other
thin-film solar manufacturers in the market. We are confident that
this innovation, coupled with our existing and prospective customer
base, positions us well for commercial adoption and ultimately
revenue growth. Our recent stock offering and the investments from
our leadership signify our unwavering commitment to Ascent’s
success and the limitless potential of CIGS thin-film photovoltaic
solutions.”
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 is in Thornton, Colorado. To learn more,
visit https://www.ascentsolar.com or follow the Company
on LinkedIn and X (formerly Twitter).
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.
MEDIA CONTACT
Spencer HerrmannFischTank PRascent@fischtankpr.com
INVESTOR CONTACT
ir@ascentsolar.com
Ascent Solar Technologies (NASDAQ:ASTI)
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