$ASTI Ascent Solar Announces New $10MM Funding Agreement with German Controlling Shareholder
https://www.globenewswire.com/news-release/20...older.html
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.”
https://www.globenewswire.com/news-release/20...older.html
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.”
