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Ascent Solar’s Largest Stakeholder Completes Full $10M Funding Commitment
THORNTON, CO, Nov. 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"THORNTON, CO, Nov. 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, is pleased to announce that the Company has received an additional $5M from BD 1 Investment Holding, LLC (“BD 1”), to complete the $10M funding commitment BD 1 made to Ascent Solar, pursuant to the securities purchase agreement dated August 2, 2021 (“SPA”). BD 1, the Company’s largest stakeholder, completed the first $5M tranche of its $10M funding commitment, in September of 2021. As previously announced, the Company entered into the SPA with the German investment group to sell a total of 666.67 million shares of Common Stock of the Company (the “Shares”)—in two tranches—at a fixed price of $0.015 per share, in exchange for a total of $10M. Management indicated that this 2nd and final tranche of the $10M commitment, like the initial tranche, would continue to enable Ascent Solar’s ability to focus on capacity ramp-up, technological improvements, and a sales development strategy; as well as the development of next generation tooling. Management indicated that BD 1 works closely with a group of other successful and well-heeled German investors who hold a controlling interest in Ascent Solar. Management also indicated that these investors truly understand the solar marketspace and have identified Ascent Solar as a future market leader. “The timely completion of the $10M investment is a continued vote of confidence from our largest stakeholder in Ascent Solar’s management team, as well as the overall value potential of the Company,” said Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “We believe that our ability to raise capital, is a strong testament to our diligent focus on the restructuring and recapitalization of the Company, which we will continue to aggressively pursue. We are confident that this focus supports our long-term growth strategy and should allow for future financial opportunities to unveil themselves.” Mr. Johannes Kuhn, principal owner of BD 1, said, “As I’ve commented in the past, Ascent Solar possesses a solar technology that in our opinion, cannot be easily rivaled, especially in the high value specialty PV markets. Its management team ...