Ascent Solar to sell USD 10m of preferred stock to Ironridge

(SeeNews) - Oct 30, 2013 - US-based Ascent Solar Technologies Inc (NASDAQ:ASTI) has agreed to issue USD 10 million (EUR 7m) in series B convertible preferred stock to institutional investor Ironridge Technology Co, part of Ironridge Global IV ltd.

The company, which makes flexible thin-film photovoltaic (PV) modules for its EnerPlex consumer products, said in a statement on Wednesday that it would use the proceeds to back the operations and growth of its retail channels for the EnerPlex devices in the US, Europe and Asia. It will also invest part of the raised amount into brand building and the market roll-out of more EnerPlex products.

As part of the Ironridge deal, Ascent is to complete the first-tranche placement of USD 5 million of preferred shares this week. The stock will be convertible into common shares at a price of USD 1.15 apiece. The second USD-5-million tranche is to wrap up later this year or at the beginning of 2014, with the conversion price here being either USD 1.15 or USD 1.5 per common share.

Ascent on Monday reported a preliminary revenue of USD 275,000 for the third quarter of 2013, up 22% sequentially. It said that sales of its EnerPlex solar-integrated chargers had jumped more than twofold in July-September.

(USD 1 = EUR 0.726)

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