Ascent Solar to raise USD 35m from unnamed investor

Solar cells. Author: Martin Abegglen. License: Creative Commons. Attribution-ShareAlike 2.0 Generic

November 11 (SeeNews) - US thin-film module maker Ascent Solar Technologies Inc (NASDAQ:ASTI) said today it will raise USD 35 million (EUR 32.6m) from an accredited private investor, whose name was not given.

“The new funding will not only provide us with ongoing working capital but also will be an important part of our ongoing restructuring exercise of our outstanding senior secured notes which we announced in September and October of 2015," said Victor Lee, president and CEO of Ascent Solar. The company is obliged to retire USD 2.8 million worth of senior secured notes in cash this year, it noted.

Ascent Solar has signed two deals with the new investor. Under the terms of the first one, it is to issue up to USD 2.8 million of newly designated Series E 7% convertible preferred stock this year. The second gives Ascent Solar the right to sell up to USD 32.2 million worth of common stock to the investor, from time to time, over the next 36 months.

The said transactions will be implemented only if the company’s stockholders approve them at a special meeting scheduled for December 2015.

(USD 1.0 = EUR 0.933)

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