Ascent Solar Completes $10 Million Preferred Stock Financing with Ironridge Technology Co.
THORNTON, Colo.--(BUSINESS WIRE)--
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated
into the company's EnerPlexTM series of consumer products,
announced today it has completed the $5 million second closing under its
previously announced Series B preferred stock purchase agreement with
institutional investor Ironridge Technology Co., a division of Ironridge
Global IV, Ltd. The Company received the first $5 million from Ironridge
in November 2013, and has now received the second $5 million.
In both closings, the Company issued Ironridge shares of its Series B-1
Preferred Stock, which is convertible into shares of common stock at a
fixed conversion price of $1.15 per common share.
John C. Kirkland, Ironridge Global Partners' Managing Director said, "We
are pleased to close on the second $5 million tranche earlier than
anticipated, and to help facilitate the expansion of the EnerPlex brand
through strengthening Ascent Solar's balance sheet."
Ascent intends to use the proceeds of the offering to fund continuing
operations and accelerated expansion of both traditional and kiosk
centric retail channels for its EnerPlex products, aggressive brand
building, as well as the launch of additional EnerPlex products and
product lines in 2014. There are no restrictions on use of proceeds.
A shelf registration statement (File No. 333-178821) relating to the
securities being offered has been filed with and declared effective by
the Securities and Exchange Commission (the "SEC"). A prospectus
supplement relating to the offering has been 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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company in this
offering. There shall not be any offer, solicitation of an offer to buy,
or sale of securities in any state or jurisdiction in which such an
offering, solicitation, or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction. Any offering will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
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.
About Ironridge Technology Co.
Ironridge Technology Co. is a division of Ironridge Global IV, Ltd. that
specializes in direct equity investments in technology companies.
Ironridge Global Partners, LLC is an institutional investor, making
direct equity investments in micro-cap public companies. The fund has
completed over 60 transactions since 2011, ranging from under a quarter
million to more than $15 million each, for Nasdaq, NYSE MKT, OTCQB and
Pink Sheets companies. Ironridge Global seeks to be a long-term
financial partner, assisting public companies in financing growth and
expansion by supplying innovative funding solutions and flexible
capital. To learn more about Ironridge Global Partners, please visit http://www.ironridgeglobal.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 expressed 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 the Securities and Exchange Commission.
Ascent Solar Technologies
Justin R. Jacobs, 1-720-872-5194
Source: Ascent Solar Technologies, Inc.
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