Ascent Solar Receives Approval for Listing on Nasdaq Capital Market

Rhea-AI Summary

Ascent Solar Technologies, Inc. (OTCMKTS: ASTI) announced the approval for its shares to be listed on the Nasdaq Capital Market, contingent on the closing of a $5 million private placement expected by August 24, 2022. This listing aims to enhance market participation and operational capabilities. President Victor Lee highlighted the listing as a pivotal step in the company's turnaround, with plans to ramp up production to meet increasing demand. The company has resumed operations after significant challenges in 2020.

Positive

• Approval for listing on Nasdaq enhances market participation.
• Expected closing of $5 million private placement boosts financial resources.
• Resumption of operations following previous challenges signals a turnaround.

Negative

• None.

THORNTON, CO, Aug. 17, 2022 (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 today that the Company’s shares of common stock have been approved for listing on the Nasdaq Capital Market (“Nasdaq”). The Nasdaq listing is conditioned upon the closing of the Company’s previously announced $5 million private placement (the “Private Placement”) pursuant to the securities purchase agreement (“SPA”) as stated in the Company’s 8-K filing with the SEC on August 8, 2022.

The closing of the Private Placement is expected to occur before August 24, 2022. The Company expects that its shares of common stock will begin trading on the Nasdaq Capital Market shortly after the closing of the Private Placement.

The Company’s common stock will continue to trade on the OTC market under the symbol “ASTI” until trading on Nasdaq commences.

Management Comments:

“I am excited with the listing approval from Nasdaq and the vote of confidence from the Private Placement investors,” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “The Private Placement and the uplisting to Nasdaq are important steps to completing the Company’s turnaround and will enable broader market participation,” continued Mr. Lee.

“The Private Placement and Nasdaq listing approval enable Ascent to continue to execute on its plans, and I am thrilled at this step forward,” said Michael Gilbreth, CFO of Ascent Solar. “The Company continues to make progress on its goals, and this investment reflects continued support and trust by our investors.”

Mr. Lee concluded, “The capital investment and Nasdaq listing position Ascent to improve its production capabilities which is necessary to meet increased demand for its products. This is yet another major milestone for the Company after being dormant for most of 2020 caused by various challenges including limited financial resources. Since October 2020, the Ascent team has reconstituted and demonstrated great resiliency in ramping up production. The Company is now fully operational and stands ready to build on the strength of what we have achieved in 2021 and the first half of 2022, both financially and operationally.”

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 by R&D Magazine, and one of TIME Magazine's 50 best inventions. 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, and 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. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. 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

FAQ

What is the significance of Ascent Solar Technologies getting approved for Nasdaq listing?

The Nasdaq listing approval is significant as it allows Ascent Solar Technologies to access broader market participation and potentially attract more investors.

What conditions must Ascent Solar meet to list on Nasdaq?

Ascent Solar must complete the closing of a $5 million private placement, expected before August 24, 2022, to finalize the Nasdaq listing.

When will Ascent Solar's shares start trading on Nasdaq?

Ascent Solar's shares are expected to begin trading on Nasdaq shortly after the closing of the private placement.

What financial move is Ascent Solar making to facilitate the Nasdaq listing?

Ascent Solar is undertaking a $5 million private placement to meet the financial requirements for listing on Nasdaq.

What challenges did Ascent Solar face prior to this announcement?

Ascent Solar faced significant challenges in 2020, which led to a dormant period for the company, impacting its operational capabilities.