Ascent Solar Technologies, Inc. Announces Closing of Public Offering of Units
October 02 2023 - 3:15PM
Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”)
(NASDAQ: ASTI), a U.S. innovator in the design and manufacturing of
featherweight, flexible thin-film photovoltaic (PV) solutions,
today announced the closing of its previously announced “best
efforts” public offering of 3,572,635 units (“Units”) at a price of
$2.88 per Unit, for gross proceeds of approximately $10.3 million,
before deducting offering expenses, with each Unit comprising (a)
one share of common stock or, in lieu of common stock, one
prefunded warrant to purchase a share of common stock, and (b) one
common warrant to purchase a share of common stock. The prefunded
warrants are immediately exercisable at a price of $0.0001 per
share of common stock and only expire when such prefunded warrants
are fully exercised. The common warrants are immediately
exercisable at a price of $2.88 per share of common stock and will
expire five years from the date of issuance.
The Company intends to use the proceeds from the
offering, together with existing cash, to (i) pay approximately
$6.1 million to retire (a) a portion of the outstanding conversion
amount payable related to the Company’s outstanding secured notes
and (b) all of the Company’s outstanding Series 1B Preferred Stock,
and (ii) for general and administration expenses.
Dawson James Securities, Inc. is acting as the exclusive
placement agent for the offering.
Carroll Legal, LLC, Denver, CO, represented the
Company in connection with the offering, and ArentFox Schiff LLP,
Washington, DC, represented the placement agent.
This offering is being made pursuant to an
effective registration statement that has been filed with the U.S.
Securities and Exchange Commission (the “SEC”). The final
prospectus relating to the offering was filed with the SEC on
September 29, 2023. The securities may only be offered by means of
a prospectus. Copies of the final prospectus may be obtained, when
available, at the SEC’s website at www.sec.gov or from Dawson James
Securities, Inc. Attention: Prospectus Department, 101 North
Federal Highway, Suite 600, Boca Raton, FL 33432,
investmentbanking@dawsonjames.com or toll free at 866.928.0928.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
About Ascent Solar Technologies, Inc.
Backed by 40 years of R&D, 15 years of
manufacturing experience, numerous awards, and a comprehensive IP
and patent portfolio, Ascent Solar Technologies, Inc. is a leading
provider of innovative, high-performance, flexible thin-film solar
panels for use in environments where mass, performance,
reliability, and resilience matter. Ascent’s photovoltaic (PV)
modules have been deployed on space missions, multiple airborne
vehicles, agrivoltaic installations, in industrial/commercial
construction as well as an extensive range of consumer goods,
revolutionizing the use cases and environments for solar power.
Ascent Solar’s research and development center and 5-MW nameplate
production facility is in Thornton, Colorado. To learn more,
visit https://www.ascentsolar.com or follow the Company on
LinkedIn and X (formerly Twitter).
Forward-Looking Statements
This press release contains “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995 that involve risks and uncertainties. In some cases,
you can identify forward-looking statements by terms such as “may,”
“might,” “will,” “objective,” “intend,” “should,” “could,” “can,”
“would,” “expect,” “believe,” “design,” “estimate,” “predict,”
“potential,” “plan” or the negative of these terms and similar
expressions intended to identify forward-looking statements. These
statements include statements related to the intended use of
proceeds. Ascent Solar cautions readers that forward-looking
statements are based on management’s expectations and assumptions
as of the date of this news release and are subject to certain
risks and uncertainties that could cause actual results to differ
materially, including, but not limited to, risks related to
prevailing market conditions, the impact of general economic,
industry or political conditions in the United States, and Ascent
Solar’s ability to satisfy customary closing conditions associated
with the offering. Forward-looking statements reflect its analysis
only on their stated date, and Ascent Solar undertakes no
obligation to update or revise these statements except as may be
required by law.
Investor Relations
Contactir@ascentsolar.com
Media ContactSpencer
HerrmannFischTank PRascent@fischtankpr.com
Ascent Solar Technologies (NASDAQ:ASTI)
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