Ascent Solar Technologies, Inc. Announces Pricing of Initial Public Offering
13 Julho 2006 - 7:00AM
Business Wire
Ascent Solar Technologies Inc. (Nasdaq Capital Market:ASTIU)
(BSE:AKC/U)), a developer of state of the art, thin-film
photovoltaic materials and modules, today announced that its
initial public offering, consisting of 3,000,000 units, was
declared effective at approximately 4:30 p.m. Eastern time, Monday,
July 10, 2006. The following description is qualified in its
entirety by reference to the registration statement, as amended,
and find prospectus, copies which are available on the SEC web site
at www.sec.gov. The initial public offering price was $5.50 per
unit, or $16.5 million in the aggregate. Each unit consists of 1
share of the Company's common stock, 1 Class A Warrant and 2 Class
B Warrants. In the aggregate, the units represent 3,000,000 shares
of common stock, 3,000,000 Class A Warrants and 6,000,000 Class B
Warrants. The warrants included in the units will be exercisable
commencing 30 days after the effective date of this offering. The
exercise price of the Class A Warrants included in the units will
be $6.60 per share and the exercise price of the Class B Warrants
will be $11.00 per share. The Company will have the right to redeem
the Class A Warrants for $0.25 per warrant, upon 30 days written
notice, at any time after 180 days from the effective date of the
offering and the closing price for its common stock for any five
consecutive trading days, as reported on the Nasdaq Capital Market,
equals or exceeds $9.35, which is 170% of the unit price of the
securities offered in this offering. The Class B warrants are not
redeemable. The warrants expire on the fifth anniversary of the
effective date of this offering. The net proceeds from the offering
are estimated to be approximately $14 million after the payment of
all underwriting commissions and offering expenses. Ascent intends
to use the net proceeds to design, build and test a production
line, product qualifications, research and development, repayment
of bridge loans, business development and general corporate
purposes. The closing is scheduled for Friday, July 14, 2006. The
units began trading July 11, 2006 on the Nasdaq Capital Market and
the Boston Stock Exchange. Initially, only the units will trade.
After August 9, 2006 the units will cease trading, and the common
stock, Class A Warrants and Class B Warrants will begin trading
separately. The units, common stock, Class A Warrants and Class B
Warrants trade or will trade on the Nasdaq Capital Market under the
symbols ASTIU, ASTI, ASTIW and ASTIZ, respectively, and on the
Boston Stock Exchange under the symbols AKC/U, AKC, AKC&L,
AKC&Z, respectively. The offering was made solely by means of a
prospectus through the underwriter Paulson Investment Company, Inc.
Copies of the prospectus may be obtained from Paulson Investment
Company, Inc., Syndicate Department, Suite 200, 811 SW Naito
Parkway, Portland, OR 97204, or by phone at 503-243-6000. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
the registration statement. Such offer to sell or solicitation of
an offer to buy may be only made by the prospectus in jurisdictions
where the offer or sale has been qualified. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, 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.: Ascent Solar Technologies, Inc. is a
developer of state of the art, thin-film photovoltaic materials and
modules and is located in Littleton, Colorado. Please visit our
website for additional information at 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 expresses 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
Securities and Exchange Commission.
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