Solar Thin Film Manufacturer Ascent Solar Closes on $35 Million Financing
The beauty of thin film solar is the flexibility of the cells
Solar Thin Film Manufacturer ( Solar Thermal Magazine)
Ascent Solar ( Solar Thermal Magazine ) – A manufacturer of state-of-the-art, flexible thin-film solar 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.
Tags: Ascent Solar, thin-film solar
