Ascent Solar Technologies Inc of Thornton, CO, USA, a maker of copper indium gallium diselenide (CIGS) thin-film photovoltaic modules, which it integrates into its EnerPlex series of consumer products, has signed an agreement with a private investor in Asia to raise $6m through a private placement. Ascent will use the proceeds to fund the expansion of retail channels for its EnerPlex products in the US, Europe and Asia; brand building; and the launch of additional EnerPlex products.
In the private placement, the company will issue (i) shares of Series A Preferred Stock convertible, at a conversion price of $0.80 per share, into 7,500,000 shares of common stock and (ii) warrants with a three year term to acquire 2,625,000 shares of common stock at a cash exercise price of $0.90 per share. The private placement will be funded in three tranches, with the initial $1m tranche to be closed this week. The remaining two tranches are expected to fund after a registration statement to be filed by the company relating to the private placement securities is declared effective by the US Securities and Exchange Commission (SEC).
"We are pleased to have secured this additional funding, particularly from a private investor whom appreciates and shares the long term vision of the company,” says Ascent's Victor Lee president & CEO. “This is truly a vote of confidence in our continued paradigm shift and strategy for growth."
