Ascent Solar Technologies, Inc. Announces Closing of Public Offering of Units

By: Ascent Solar Technologies, Inc. via GlobeNewswire

October 02, 2023 at 16:15 PM EDT

THORNTON, Colo., Oct. 02, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (NASDAQ: ASTI), a U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced the closing of its previously announced “best efforts” public offering of 3,572,635 units (“Units”) at a price of $2.88 per Unit, for gross proceeds of approximately $10.3 million, before deducting offering expenses, with each Unit comprising (a) one share of common stock or, in lieu of common stock, one prefunded warrant to purchase a share of common stock, and (b) one common warrant to purchase a share of common stock. The prefunded warrants are immediately exercisable at a price of $0.0001 per share of common stock and only expire when such prefunded warrants are fully exercised. The common warrants are immediately exercisable at a price of $2.88 per share of common stock and will expire five years from the date of issuance.

The Company intends to use the proceeds from the offering, together with existing cash, to (i) pay approximately $6.1 million to retire (a) a portion of the outstanding conversion amount payable related to the Company’s outstanding secured notes and (b) all of the Company’s outstanding Series 1B Preferred Stock, and (ii) for general and administration expenses.

Dawson James Securities, Inc. is acting as the exclusive placement agent for the offering.

Carroll Legal, LLC, Denver, CO, represented the Company in connection with the offering, and ArentFox Schiff LLP, Washington, DC, represented the placement agent.

This offering is being made pursuant to an effective registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus relating to the offering was filed with the SEC on September 29, 2023. The securities may only be offered by means of a prospectus. Copies of the final prospectus may be obtained, when available, at the SEC’s website at www.sec.gov or from Dawson James Securities, Inc. Attention: Prospectus Department, 101 North Federal Highway, Suite 600, Boca Raton, FL 33432, investmentbanking@dawsonjames.com or toll free at 866.928.0928.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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 is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).

Forward-Looking Statements

This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. These statements include statements related to the intended use of proceeds. Ascent Solar cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to prevailing market conditions, the impact of general economic, industry or political conditions in the United States, and Ascent Solar’s ability to satisfy customary closing conditions associated with the offering. Forward-looking statements reflect its analysis only on their stated date, and Ascent Solar undertakes no obligation to update or revise these statements except as may be required by law.

Investor Relations Contact
ir@ascentsolar.com

Media Contact
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com