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Ascent Solar Files for Reverse Stock Split – Initiates Process to Allow for Nasdaq Up-listing, Additional Capital and Operational Efficiencies
THORNTON, CO, Nov. 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (OTCMKTS: ASTI), a developer and manufacturer of
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"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 advance...