Ascent Solar wraps up USD-5m preferred stock sale to Ironridge

(SeeNews) - Nov 4, 2013 - US firm Ascent Solar Technologies Inc (NASDAQ:ASTI) said today it had completed the first tranche issue of USD 5 million (EUR 3.7m) in series B convertible preferred stock to Ironridge Technology Co.

Last week, the company, which makes flexible thin-film photovoltaic (PV) modules for its EnerPlex consumer products, said it had agreed to sell USD 10 billion in preferred stock to the institutional investor, which is part of Ironridge Global IV ltd. Ascent will 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.

The shares in the first-tranche placement 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 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.

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