Ascent Solar Technologies, Inc. (NASDAQ: ASTI), a manufacturer of flexible thin-film photovoltaic modules, integrated into off-grid applications announced today the completion of the second tranche of Common Stock Investment pursuant to the Stock Purchase Agreement (“SPA”) dated August 29, 2014 and approved at a Special Shareholder Meeting held on October 22, 2014.
In the first tranche of the transaction, which closed on August 29, 2014, the Company issued 845,309 common shares to a Series A investor and 845,309 shares to Ascent’s largest shareholder, TFG Radiant Investment Group Ltd at a fixed per share price of $2.366, representing a 30% premium to the closing price of $1.82 per share on August 28, 2014. The first tranche closure resulted in net proceeds of $4.0 million to the Company.
In the second tranche of the transaction, which has just been completed, the Company issued an additional 1,425,000 common shares to TFG Radiant at a fixed per share price of $2.80, representing a 54% premium to the closing price on August 28, 2014 and approximately 44% premium to yesterday’s closing price. The closure results in additional net proceeds of approximately $4.0 million to the Company. TFG Radiant’s ownership of the Company has now increased to approximately 24% of the outstanding common stock.
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “This is an exciting period for Ascent as we hope to reap the rewards of the hard work incurred in repositioning the company. Because of the unique and superior attributes of our technology, we have been able to create a new type of solar energy company where we are able to sell our products at a price that can be factors of 10 or greater than other solar manufacturers. Our focus in the near future will be to expand the portfolio of products, increase and expand the distribution channels, and reduce manufacturing costs by shifting our production to China, aided by the funding expected to be received from the municipal government of Suqian. As our business continues to demonstrate sales growth, we are pleased to have the support of our largest shareholder.”
“We are very encouraged by the progress that Ascent has made since they embarked on a new business strategy, especially with the introduction of the EnerPlex family of products,” said Winston Xu, Chairman of TFG Radiant. “TFG Radiant continues to have strong faith in the Company. Ascent’s transformational photovoltaic technology is second to none and is poised to experience wide spread acceptance and application of its flexible and lightweight solar panels.”
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.