China’s Boone Group raises stake in Ascent Solar again

US flexible thin-film photovoltaic (PV) modules maker Ascent Solar Technologies Inc (OTCMKTS:ASTI) said on Tuesday its Asia-based strategic investor Hong Kong Boone Group Ltd has again lifted its shareholding in the company to 19.5%.

Following a deal agreed in February, Boone Group converted an additional USD 3 million (EUR 2.5m) worth of preferred shares into common stock shares at a fixed price of USD 0.0040 per share. Upon conversion, Ascent Solar issued another 750 million restricted common shares. The US company noted that the fixed conversion price of USD 0.0040 per share represents a 444% premium to its latest closing price of USD 0.0009.

Boone Group has so far converted USD 6.2 million of preferred stock and now owns 1.55 billion of the solar module developer’s shares, equal to a 19.5% interest. As previously announced, the Chinese group committed to invest USD 20 million in Ascent Solar by buying preferred stock in tranches.

"We will continue to provide other support to Ascent Solar through our vast resources in China to help Ascent Solar swiftly commercialize its state-of-the-art technology and unique PV products in the Greater China region," said Boone Group’s chairman and founder Song Liang. Meanwhile, Ascent Solar’s president and CEO and Victor Lee added that the investment serves as a growth opportunity for the Chinese market, where the annual demand for solar power exceeds 60 GW.

(USD 1.0 = EUR 0.847)

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