Ascent Solar Technologies Announces Bridge Financing of Up to 900 Series 1B Convertible Preferred Shares
30 Junho 2023 - 10:00AM
Ascent Solar Technologies (NASDAQ: ASTI) (“ASTI” or the “Company”),
the leading U.S. innovator in the design and manufacture of
featherweight, flexible CIGS thin-film photovoltaic (PV) solutions,
announced the signing of a definitive agreement on June 29,
2023 for a bridge financing round for the issuance of up to 900
Series 1B Convertible Preferred. The closing of the
transaction is expected to occur in the next several
days. Each share of Preferred stock shall have a stated value
equal to $1,000 for aggregate gross proceeds of $900,000 before
closing costs and adjustments. This financing marks a significant
milestone for the Company as it solidifies its financial position
and paves the way for future growth.
The funds raised through this financing will be
utilized to support the Company's working capital needs as it
expands its manufacturing capabilities and accelerates market
penetration.
Paul Warley, Chief Executive Officer of Ascent
Solar Technologies, commented on the bridge financing, stating, "We
are pleased to have secured this bridge financing round, which
further validates the commitment and support we receive from our
lending partners. This investment underscores the bright future
ahead for ASTI."
The Company has consistently demonstrated its
ability to develop cutting-edge solar technologies and has
established a strong reputation for its innovative product
portfolio. With a focus on delivering high-performance and
lightweight solar solutions, the company is committed to delivering
advanced solutions to diverse industries, including aerospace,
defense, and luxury goods.
The bridge financing round represents a
significant vote of confidence in ASTI’s strategic direction,
growth prospects, and the team's ability to execute its vision. The
Company remains dedicated to advancing solar energy technologies,
creating sustainable solutions, and driving positive environmental
impact.
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.
Media Contact
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com
Investor Contact
James Masters
Vallum Advisors
ir@ascentsolar.com
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