THORNTON, CO, Aug. 05, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ascent Solar Technologies, Inc. (OTC-PK: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announces the signing of a new funding agreement with BD 1 Investment Holding, LLC (“BD 1”), the investment holding arm of the German controlling shareholders of the Company.
On August 2, 2021, the Company entered into a securities purchase agreement (“SPA”) with BD 1 Investment Holding, LLC, to sell 666.67 million shares of Common Stock of the Company at the prevailing market price of $0.015 per share in exchange for new funding of $10MM (the “Shares”). Pursuant to the SPA, BD 1 shall complete the transaction in two tranches, with the first tranche of $5MM to close on or before August 31, 2021, and the second tranche of $5MM to close (i) on or before October 31, 2021 or (ii) within five business days (if later than October 31, 2021) of the effective date of the authorized share increase to be filed by the Company. The Shares shall be unregistered and subject to the standard selling restrictions in accordance with SEC regulations governing controlling shareholders.
“This new funding agreement is a strong vote of confidence from our controlling shareholders to the restructuring and recapitalization effort undertaken by Ascent Solar since early 2020,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “Despite the ongoing pandemic, Ascent’s team has shown great resiliency and perseverance in restarting operations and continuing to pursue our ambition to deliver innovative power solutions for everyone everywhere. The new funding will enable Ascent to execute our business plan to deliver long-term shareholder value by focusing on capacity ramp-up, technological improvement and sales development. We will continue to strengthen our balance sheet as we ramp up production to serve the Tier-1 specialty PV markets in conjunction with satisfying the future demand of TubeSolar AG.”
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.”
Mr. Johannes Kuhn, Principal Investor of BD 1, said, “Ascent’s proprietary monolithic-integration technology on flexible polyimide substrate and the resultant Best-in-class Specific Power of its modules is clearly state-of-the-art and cannot be easily replicated. We are pleased to be a major investor of Ascent Solar, who we believe has immense potential to be a commercially viable company and a market leader particularly in the very high value specialty PV markets. We’ll continue to work closely with Ascent’s management team to achieve its long-term objectives.”
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.
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