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Ascent Solar Technologies Secures $50 Million Equity-Based Financing
THORNTON, CO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”) – ASTI, the
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"THORNTON, CO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”) – ASTI, the leading U.S. innovator in the design and manufacture of featherweight, flexible thin-film photovoltaic (PV) solutions, announced today that it has secured an equity-based financing facility in an aggregate principal amount of up to $50 million from two institutional investors. Bryan Garnier & Co acted as sole placement agent and financial advisor to the Company. On December 19, 2022, the Company entered into a securities purchase contract (the “Purchase Contract”) with the investors, pursuant to which the Company issued $12,500,000 in convertible advance notes (the “registered advance notes”), in a registered direct offering, for an aggregate purchase price of $11,250,000 in cash, net of an original issuance discount of $1,250,000, and an additional $2,500,000 convertible advance notes (the “private placement advance notes”), in a concurrent private placement transaction, for an aggregate purchase price of $2,250,000 in cash, net of an original issuance discount of $250,000, as well as warrants to purchase up to 2,513,405 shares of common stock. The convertible advance notes issued under the facility will bear interest at a rate of 4.5% per annum, which is payable, at the option of ASTI subject to certain conditions, in kind or in cash, and are convertible, at the option of the investors from time to time, into shares of ASTI’s common stock, in the amounts and on the terms in the convertible advance notes, or repayable in cash at maturity 18 months after issuance. Under the Purchase Contract, beginning 210 days after the entry into the Purchase Contract and subject to the satisfaction of certain other terms and conditions, the Company may offer and sell to one of the investors additional convertible advance notes, not to exceed $1,000,000 (or, with the consent of the investor, $2,000,000) in aggregate principal amount in any 30-day period, in subsequent registered direct offerings at a purchase price equal to 90% of the principal amounts of the notes, for up to a maximum aggregate principal amount of $35,000,000 of additional convertible advance notes during the term of the Purchase Contract. The Purchase Contract contains certain affirmative and negative covenants and events of ...