Ascent Solar: $35 million financing

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THORNTON, Colorado - Ascent Solar Technologies, Inc. (ASTI), a manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the Company’s new EnerPlex™ series of consumer products, announced today the closing of its previously announced $35 million financing.

At closing, the Company issued (i) $32 million principal amount of senior secured convertible notes, (ii) $3 million of Series D convertible preferred stock and (iii) warrants to purchase shares of its common stock. At closing, Ascent received unrestricted access to $4.5 million, while the remaining $30.5 million of gross proceeds have been deposited into a restricted control account of the Company. Once stockholder approval for the share issuances relating to the financing is obtained and the Company’s resale registration statement is declared effective, the Company will receive an additional $2.5 million of unrestricted gross proceeds from the control account. The Company will receive an additional $6.0 million of unrestricted gross proceeds from the control account 75 days after receiving the installment of $2.5 million. Thereafter, the remaining gross proceeds of $22 million will be released for the Company’s use in $6.0 million installments every 90 days.

Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of its retail channels for its EnerPlex products in the US, Europe and Asia, brand building, as well as the launch of additional EnerPlex products.

The economic terms of the notes and the Series D Preferred Stock are substantially similar.

About Ascent Solar Technologies:

Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that can transform the way solar power generation integrates into everyday life. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly incorporated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. More information can be found at
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