Ascent Solar Completes New Funding Agreement and Full Settlement of Secured Promissory Note
Ascent Solar Technologies (OTC-PK: ASTI) announces a completed funding agreement and the settlement of a secured promissory note. On March 4, 2021, the company entered a common stock purchase agreement for 75 million shares at $0.04 each, raising $3 million. Additionally, a settlement with Global Ichiban Limited led to the issuance of 168 million shares to cancel a $5.8 million note, removing liens from company assets. CEO Victor Lee highlighted the milestone in the company's restructuring efforts, aiming for a stronger focus on the high-value PV market.
- Raised $3 million through the issuance of 75 million shares at $0.04 each.
- Settled a $5.8 million secured promissory note by converting it into equity, removing liens on assets.
- Transitioned a debt holder into a long-term shareholder.
- None.
THORNTON, CO, March 10, 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 completion of a new funding agreement and full settlement of a secured promissory note.
On March 4, 2021, the Company entered into a common stock purchase agreement (“SPA”) with a private investor (the “Investor”) for the purchase of up to 75,000,000 shares of Common Stock of the Company at the fixed price of
On March 9, 2021, the Company entered into a settlement agreement (“Settlement”) with our current secured promissory note holder, Global Ichiban Limited (“Global”). Pursuant to the Settlement, the Company issued 168,000,000 shares of Common Stock of the Company (“Settlement Shares”) to Global in exchange for the cancellation of the outstanding secured promissory note of
“I am pleased to have reached another milestone in our ongoing restructuring and recapitalization effort which began in early 2020,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “The new funding agreement, completed at a fixed rate above the prevailing stock price, underscores the confidence and belief the Investor has in Ascent Solar as we embark upon a new era for the Company. The Settlement with Global represents icing on the cake as the deal has not only turned a debt holder into a long-term shareholder of the Company, it also frees up all of our encumbered assets and moves the Company closer to cleaning up our balance sheet and being debt free.”
Mr. Lee concluded, “Despite our restructuring delays that were exacerbated by COVID-19, our team proved to be resilient. We are optimistic and look forward to stronger years ahead, as our high-value PV market focus, particularly in the space and near-space segment, begins to take shape. We will continue to update our shareholders regularly as we make continued progress.”
About Ascent Solar Technologies, Inc:
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.com.
Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.
Ascent Solar Technologies
Investor Relations: IR@AscentSolar.com
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