Ascent Solar Fully Redeems Convertible Secured Notes Ahead of Schedule
THORNTON, CO -- (Marketwired) -- 08/16/17 -- Ascent Solar Technologies, Inc. (OTCBB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announced that the Company has completed the full redemption of the outstanding convertible secured notes ("Secured Notes"
in cash ahead of schedule, pursuant to the redemption agreement ("Agreement" announced on May 10, 2017.
Pursuant to the Agreement, the Company agreed to redeem for cash all outstanding Secured Notes of the Company held by the holder no later than September 1, 2017. As of the date of the Agreement on May 5, 2017, the balance of owed principal and accrued and unpaid interest to the holder was $1,777,191.64.
The President and CEO of Ascent Solar, Mr. Victor Lee said, "We are delighted to have fully redeemed the Secured Notes ahead of schedule due to the strengthening of our cash flow position." Mr. Lee continued, "The purpose of the redemption is to strengthen our balance sheet and to finance ongoing operations through fixed rate equity investments on more favorable terms. This is a first step towards a cleaner balance sheet as we continue to experience improvement in our funding options. Following the redemption, all of Ascent's assets except for the mortgage on our property, shall be free of encumbrances going forward."
http://investors.ascentsolar.com/releasedetai...ID=1037426
THORNTON, CO -- (Marketwired) -- 08/16/17 -- Ascent Solar Technologies, Inc. (OTCBB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announced that the Company has completed the full redemption of the outstanding convertible secured notes ("Secured Notes"
in cash ahead of schedule, pursuant to the redemption agreement ("Agreement" announced on May 10, 2017. Pursuant to the Agreement, the Company agreed to redeem for cash all outstanding Secured Notes of the Company held by the holder no later than September 1, 2017. As of the date of the Agreement on May 5, 2017, the balance of owed principal and accrued and unpaid interest to the holder was $1,777,191.64.
The President and CEO of Ascent Solar, Mr. Victor Lee said, "We are delighted to have fully redeemed the Secured Notes ahead of schedule due to the strengthening of our cash flow position." Mr. Lee continued, "The purpose of the redemption is to strengthen our balance sheet and to finance ongoing operations through fixed rate equity investments on more favorable terms. This is a first step towards a cleaner balance sheet as we continue to experience improvement in our funding options. Following the redemption, all of Ascent's assets except for the mortgage on our property, shall be free of encumbrances going forward."
http://investors.ascentsolar.com/releasedetai...ID=1037426
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