Ascent Solar Technologies, Inc. Announces Reverse Stock Split
11 Setembro 2023 - 1:25PM
Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”)
(Nasdaq: ASTI), the leading U.S. innovator in the design and
manufacturing of featherweight, flexible thin-film photovoltaic
(PV) solutions, today announced that effective before market open
on September 12, 2023, it will complete a 1-for-200 reverse stock
split of its common stock.
On June 26, 2023, ASTI’s majority stockholders approved an
amendment to the Company’s Amended and Restated Certificate of
Incorporation to affect a reverse stock split with the exact ratio
to be set by its Board of Directors. The Board resolved to set the
reverse stock split at the ratio of 1-for-200. ASTI filed an
amendment to its Certificate of Incorporation with the Secretary of
State in Delaware effective September 11, 2023, at 5:00 p.m.
Eastern Time. As a result, every two hundred issued shares of
common stock will automatically be combined into one share of
common stock.
As explained in ASTI’s Information Statement filed July 28,
2023, the Company believes that affecting the reverse stock split
will assist in its efforts to meet the Nasdaq continued listing
standards and to continue to have its common stock remain listed
and traded on Nasdaq. In particular, ASTI expects the reverse stock
split to increase the per share price and bid price of its common
stock above the $1.00 required by Nasdaq’s Minimum Bid Price
Rule.
Shares of the Company’s common stock will be assigned a new
CUSIP number (043635705) and are expected to begin trading on a
split-adjusted basis on Tuesday, September 12, 2023.
The reverse stock split will not change the authorized number of
shares of the Company’s common stock. No fractional shares will be
issued and any fractional shares resulting from the reverse stock
split will be rounded up to the nearest whole share. Therefore,
stockholders with less than 200 shares will receive one share of
stock.
The amount of the Company’s outstanding convertible notes and
outstanding convertible preferred stock will not be affected by the
reverse stock split. However, the number of shares of common stock
into which the outstanding convertible notes and outstanding
convertible preferred stock is convertible will be adjusted
proportionately as a result of the reverse stock split.
The reverse stock split will also apply to the Company’s common
stock issuable upon the exercise of its outstanding warrants, stock
options and restricted stock units, with proportionate adjustments
to be made to the exercise prices thereof and under the Company’s
equity incentive plans.
Once the reverse stock split becomes effective, stockholders
holding shares through a brokerage account will have their shares
automatically adjusted to reflect the 1-for-200 reverse stock
split. Existing stockholders holding common stock certificates will
receive a letter of transmittal from Ascent's transfer agent,
Computershare, with specific instructions regarding the exchange of
shares.
The Company expects to have its issued and outstanding common
shares decrease from approximately 92 million pre-split shares to
approximately 500,000 post-split shares outstanding as a result of
the reverse stock split.
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
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.
Investor Relations
Contactir@ascentsolar.com
Media ContactSpencer HerrmannFischTank
PRascent@fischtankpr.com
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