THORNTON, Colo., June 30, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible CIGS thin-film photovoltaic (PV) solutions, announced the signing of a definitive agreement on June 29, 2023 for a bridge financing round for the issuance of up to 900 Series 1B Convertible Preferred. The closing of the transaction is expected to occur in the next several days. Each share of Preferred stock shall have a stated value equal to $1,000 for aggregate gross proceeds of $900,000 before closing costs and adjustments. This financing marks a significant milestone for the Company as it solidifies its financial position and paves the way for future growth.
The funds raised through this financing will be utilized to support the Company's working capital needs as it expands its manufacturing capabilities and accelerates market penetration.
Paul Warley, Chief Executive Officer of Ascent Solar Technologies, commented on the bridge financing, stating, "We are pleased to have secured this bridge financing round, which further validates the commitment and support we receive from our lending partners. This investment underscores the bright future ahead for ASTI."
The Company has consistently demonstrated its ability to develop cutting-edge solar technologies and has established a strong reputation for its innovative product portfolio. With a focus on delivering high-performance and lightweight solar solutions, the company is committed to delivering advanced solutions to diverse industries, including aerospace, defense, and luxury goods.
The bridge financing round represents a significant vote of confidence in ASTI’s strategic direction, growth prospects, and the team's ability to execute its vision. The Company remains dedicated to advancing solar energy technologies, creating sustainable solutions, and driving positive environmental impact.
About Ascent Solar Technologies, Inc.
Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 5-MW nameplate production facility are located in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.