THORNTON, CO, Nov. 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions (“Ascent Solar”, “Ascent” or the “Company”), announced that the Company has initiated the process for a proposed reverse stock split (“Reverse Split”) as part of a broader plan to position Ascent Solar for continued growth, including an eventual proposed up-listing onto the Nasdaq Capital Market.
As detailed in the Company’s preliminary 14C information statement filed with the SEC on November 17, 2021, the Company’s board has approved a Reverse Split at a ratio of between 1-for-1,000 and 1-for-10,000, with the final ratio within such range and the timing of implementation to be determined by the board in its sole discretion.
The Reverse Split is subject to regulatory review by the SEC and FINRA. If implemented, the Company expects that the Reverse Split would become effective in late December 2021.
Following the implementation of the Reverse Split, the Company intends to apply to up-list its shares to the Nasdaq Capital Market. Any up-listing to Nasdaq will be conditioned on the Company satisfying the applicable Nasdaq listing criteria, and the review and approval of the Company’s application by Nasdaq.
Management strongly believes that the Reverse Split is essential to continuing the Company’s turnaround process. As previously reported, Ascent was predominantly in a dormant status for much of 2020 due to financial constraints and COVID-19. Beginning in mid-2020, however, the Company engaged in several initiatives that assisted with the restructuring, recapitalization, and turnaround of Ascent Solar. These initiatives included (but not limited to):
- Strengthened the Company’s board and management;
- Aligned with leading German agrivoltaic thin-film solar tube maker, TubeSolar AG, to secure a strategic $2.5M capital infusion in January 2021, as well as a long-term supply agreement in August 2021;
- Secured a $3M cash injection in March 2021 from a private investment fund at the fixed price of $0.04 per share;
- Converted $5.8M outstanding secured debt in March 2021 into Common Stock equity at a fixed price of $0.0345 per share;
- Completed delivery on a major supply contract in May 2021 with a developer of advanced unmanned, helium-filled airships;
- Being recognized for exceptional device stability during space flight experiments while also receiving an Innovation Award at the Defense TechConnect Conference; and,
- Recently completing a strategic capital raise of $10M from Ascent’s largest stakeholder at the fixed price of $0.015 per share.
Management believes that Ascent Solar is poised to make strong operational advancements, having the ability to better focus on tooling upgrades and next generation tooling designs as well as sourcing and scaling to meet increasing demand for finished goods and bespoke solar products.
“The Reverse Split is a necessary step as we continue to rebuild the Company,” said Victor Lee, President and CEO of Ascent Solar Technologies. “This will better align Ascent’s capital structure with that of other similar companies of our size, ambitions and scope.”
“Further, the Reverse Split will help us to solidify our relationship with the Company’s largest investors and stakeholders, supporting future capital investments from strategic partners. The Reverse Split is also a necessary pre-condition to our application to up-list to the Nasdaq Capital Market, where I believe our securities will be more attractive to institutional investors and gain greater shareholder support. In the long run, I am confident that our stockholders will potentially benefit from the Reverse Split.”
Mr. Lee concluded, “With the support of our strategic investors and partners, we will continue to make great progress, both financially and operationally. And with a successful Reverse Split, we anticipate that we would become eligible to be a Nasdaq listed company, and be well positioned for future growth.”
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 by R&D Magazine, and one of TIME Magazine's 50 best inventions. 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, and 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. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. 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
