THORNTON, CO, July 20, 2018 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (OTCBB: ASTI), a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions, today announced that its board of directors has approved a 1-for-1,000 reverse stock split of the Company’s common stock to become effective at 5 p.m., Eastern Time, July 20, 2018. The Company will file an amendment to its Certificate of Incorporation on that date as authorized by the stockholders at the Company’s annual meeting held on June 11, 2018.
The Company’s common stock is expected to commence trading, at market open, on a post-reverse stock split basis on July 23, 2018. Ascent's common stock will continue to trade on the OTCBB Market following the reverse stock split under the temporary symbol “ASTID.” The symbol will revert to “ASTI” in 20 business days. A new CUSIP number will be issued to Ascent's common stock after the reverse stock split becomes effective.
As a result of the reverse stock split, every 1,000 shares of the Company's common stock issued and outstanding at the effective time will automatically be combined into one issued and outstanding share without any change in the par value of those shares. In lieu of issuing fractional shares, the Company will round fractions of shares up to the nearest whole share.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-1,000 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent's transfer agent, Computershare, with specific instructions regarding the exchange of shares.
The Company expects to have approximately 18,994,481 million post-split shares outstanding as a result of the reverse stock split. The number of authorized shares of the Company's common stock will remain at 20 billion shares.
The number of shares of the Company's outstanding convertible preferred stock will not be affected by the reverse stock split. However, the number of shares of common stock into which each outstanding share of convertible preferred stock is convertible will be adjusted proportionately as a result of the reverse stock split.
ABOUT ASCENT SOLAR TECHNOLOGIES, INC:
Ascent Solar Technologies, Inc., an ISO 9001-2015 certified company, 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, where the company’s quality management system has achieved ISO 9001:2015 certification. 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.