Ascent Solar to raise USD 6m from Asian investor

(SeeNews) - June 18, 2013 - US thin-film solar modules firm Ascent Solar Technologies Inc (NASDAQ:ASTI) said today it will raise USD 6 million (EUR 4.5m) through a private placement with an unnamed high net worth private investor in Asia.

The company explained that it will use the amount to further extend 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.

As per the private placement, Ascent intends to issue series A preferred stock, convertible into 7.5 million common shares at a price of USD 0.80 apiece. In addition, the company will issue warrants with a three-year term which the investor can use to buy 2.63 million of additional common shares at a cash exercise price of USD 0.90 apiece.

The transaction will be implemented in three steps, with the first tranche amounting to USD 1 million. It is to wrap up this week.

(USD 1.0 = EUR 0.748)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\