THORNTON, CO, Jan. 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announces the completion of Tranche 2 of the Series 1A Preferred Stock.
On September 22, 2020, the Company entered into a securities purchase agreement (“Series 1A SPA”) with Crowdex Investment LLC, a private investor (“Crowdex”) and sold 2,000 shares of Series 1A Preferred Stock to Crowdex in exchange for $2,000,000 of gross proceeds at initial Tranche 1 closing.
On November 27, 2020, the Company issued to Crowdex a $500,000 Unsecured Convertible Promissory Note (“Note”) in a private placement and received $500,000 of gross proceeds from the offering of the Note. On December 31, 2020, the Company sold 500 shares of Series 1A Preferred Stock to Crowdex in exchange for the cancellation of the Note issued on November 27, 2020. There were no further cash proceeds from this closing.
On January 4, 2021, the Company entered into another securities purchase agreement (“Series 1A Tranche 2 SPA”) with TubeSolar AG, a developer of photovoltaic thin-film tubes that are assembled into modules to enable additional application opportunities in solar power generation compared to conventional solar modules, particularly in the agricultural sector (“TubeSolar”). TubeSolar, headquartered in Augsburg, Germany, is a publicly traded company listed on the Dusseldorf Stock Exchange of Germany under the ticker code: 9TS.DU. Pursuant to the Series 1A Tranche 2 SPA, the Company sold 2,500 shares of Series 1A Tranche 2 Preferred Stock to TubeSolar and received $2,500,000 of gross proceeds on January 5, 2021.
“I am pleased that despite the disruptions conferred by COVID-19, we have completed the full placement of the Series 1A Preferred Stock as part of Ascent’s recent restructuring and recapitalization efforts which began in early 2020,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “This marks the closure of our Phase I reorganization plan and begins a new era for Ascent Solar. We will continue to strengthen our balance sheet as we ramp up production to serve Tier-1 specialty PV markets in conjunction with satisfying the future demand of TubeSolar.”
Mr. Lee concluded, “Despite an extraordinarily difficult year in 2020, we are optimistic and look forward to stronger years ahead, as our high-value PV market focus begins to take shape. We will continue to update our shareholders regularly as we make continued progress.”
Dr. Amit Kumar, Chairman of Board of Directors of Ascent Solar, said, “We are pleased to commence our turnaround efforts to establish Ascent as a commercially viable company and a leader in the very high value specialty PV markets. We are looking forward to sustained progress in the upcoming year.”
About Ascent Solar Technologies, Inc:
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.com.
About TubeSolar AG (www.tubesolar.de):
TubeSolar AG has taken over the laboratory production of OSRAM/LEDVANCE in Augsburg as a spin-off and acquired the patents from LEDVANCE and Dr. Vesselinka Petrova-Koch. TubeSolar AG has been using this patent-protected technology since 2019 to develop and manufacture photovoltaic thin-film tubes that are assembled into modules and whose properties enable additional application opportunities in solar power generation compared to conventional solar modules. The technology will be used primarily in the agricultural sector, spanning agricultural production areas. In the next few years, it is planned to expand production in Augsburg to an annual production capacity of 250 MW.
Forward-Looking Statements:
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
Investor Relations: IR@AscentSolar.com