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)

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