Ascent Solar: Closing of initial $5 million tranche
THORNTON, Colorado - Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the company's new EnerPlexTM series of consumer products, announced the closing of initial $5 million tranche as part of an agreement to raise $10 million through a registered direct offering with institutional investor Ironridge Technology Co., a division of Ironridge Global IV LTD. In the transaction, the Company will issue up to $10 million of Series B convertible preferred stock in two tranches.
The second tranche of $5 million is expected to close in late 2013 or the early part of 2014. The second tranche preferred stock will be convertible into shares of common stock at a fixed conversion price of either $1.15 or $1.50 per common share.
“Ascent Solar's thin film CIGS technology is well suited to power devices off-grid” commented Brendan T. O'Neil, CFA Managing Director of Ironridge Global Partners. “Ironridge Global is pleased to provide Ascent Solar Technologies with funding to further accelerate growth in sales and distribution of the EnerPlex product line of solar-integrated consumer electronics.”
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 continuous launch of additional EnerPlex products throughout rest of this year into next year. This funding will enable us to aggressively launch new products in all of our current product series (Kickr, Surfr, Jumpr, Packr) as well as new series of innovative products.
Victor Lee, Ascent's President & CEO said, "We are extremely pleased to have secured this additional institutional funding, particularly from a sophisticated and well recognized technology investor. This is a clear vote of confidence in the new direction of the Company and the momentum of the EnerPlex brand that we have built."
A shelf registration statement (File No. 333-178821) relating to the shares of preferred stock issued in the offering has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering will be filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC's website at http://www.sec.gov or from Ascent Solar Technologies, Inc., 12300 Grant Street, Thornton CO 80241, Attention: Investor Relations.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be more flexible and affordable than most traditional solar panels. Ascent Solar modules can be directly integrated into standard building materials, aerospace applications, consumer electronics for portable power or configured as stand-alone modules for large scale terrestrial deployment. Ascent Solar is headquartered in Thornton, Colorado. For more information, go to www.ascentsolar.com.
The EnerPlex brand represents Ascent Solar's line of consumer products. These products, many of which are integrated with Ascent Solar's transformational CIGS technology, provide consumers with the ability to integrate solar into their everyday lives, while enabling them to free themselves and their electronics from the outlet. For more information on the EnerPlex brand and to see the product line, please visit www.goenerplex.com.
About Ironridge Technology Co.
Ironridge Technology Co. is a division of Ironridge Global IV, Ltd. that specializes in direct equity investments in telecommunications, electronics, computer, and technology companies. . Ironridge Global Partners is an institutional investor, making direct equity investments in micro-cap public companies. Ironridge Global has entered into more than 50 equity financing transactions since 2011, ranging from under a quarter million to over $15 million each. The firm seeks to be a long-term financial partner, assisting public companies in financing operations and expansion by supplying innovative funding solutions and flexible capital. For more information on Ironridge Global Partners, please visit www.ironridgeglobal.com.
Ascent Solar Technologies
Brion Tanous, 310-541-6824
Justin R. Jacobs, 1-720-872-5194