Ascent Solar pockets USD 3m from Asian investor

Aug 8, 2013 - US thin-film solar modules firm Ascent Solar Technologies Inc (NASDAQ:ASTI) said today it had raised USD 3 million (eur 2.2M) from the second round of a private placement with a high net worth private investor in Asia.

The company, which unveiled the series A preferred stock sale in June, said it aims to raise USD 6 million in three tranches with the unnamed investor. On announcing the deal the company explained that it would use the amount to further grow its retail channels for the EnerPlex consumer products line in the US, Europe and Asia, as well as on brand building and the launch of new goods. The EnerPlex offerings include the Kickr portable solar chargers, Surfr solar and battery phone cases and Jumpr battery packs.

In the second round of the placement, Ascent Solar sold 375,000 of series A preferred shares and 1.3 million of warrants exercisable at USD 0.90 per common share.

The last part of the transaction will target USD 2 million. It is expected to be completed this month.

In addition, Ascent Solar said it was once again compliant with the Nasdaq stock exchange's minimum bid price requirement. In December 2012 the company received a notice from the bourse that its shares were below the USD-1 threshold. Earlier this month Nasdaq stated that Ascent Solar's stock price surpassed the USD-1 requirement over a consecutive 20-trading-day period so compliance has thus been regained.

(USD 1.0 = EUR 0.750)

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