Ascent Solar finalises 2nd-tranche preferred stock sale to Ironridge

(SeeNews) - Feb 12, 2014 - US firm Ascent Solar Technologies Inc (NASDAQ:ASTI) said Tuesday it had wrapped up the second-tranche issue of USD 5 million (EUR 3.7m) in series B convertible preferred shares to Ironridge Technology Co.

In October 2013 the company, which makes flexible thin-film photovoltaic (PV) modules for its EnerPlex consumer products, said it had agreed to sell USD 10 million in preferred stock to the institutional investor, which is part of Ironridge Global IV ltd. The USD-5-million first-tranche was finalised in November 2013.

Ascent will use the proceeds to finance its continuing operations and back the expansion of its retail channels for the EnerPlex devices in the US, Europe and Asia. It also intends to invest part of the raised amount into brand building and the market roll-out of more EnerPlex products in the current year.

The shares sold to Ironridge in both tranches are convertible into common shares at a price of USD 1.15 apiece.

At the start of 2014, Ascent Solar said it would build a 100-MW production plant in China for its thin-film copper indium gallium selenium (CIGS) PV modules in a joint venture with China’s Suqian city.

(USD 1 = EUR 0.733)

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