Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the Company's new EnerPlex™ series of consumer products, announced today the closing of its previously announced $35 million financing. At closing, the Company issued (i) $32 million principal amount of senior secured convertible notes, (ii) $3 million of Series D convertible preferred stock and (iii) warrants to purchase shares of its common stock. At closing, Ascent received unrestricted access to $4.5 million, while the remaining $30.5 million of gross proceeds have been deposited into a restricted control account of the Company. Once stockholder approval for the share issuances relating to the financing is obtained and the Company's resale registration statement is declared effective, the Company will receive an additional $2.5 million of unrestricted gross proceeds from the control account. The Company will receive an additional $6.0 million of unrestricted gross proceeds from the control account 75 days after receiving the installment of $2.5 million. Thereafter, the remaining gross proceeds of $22 million will be released for the Company's use in $6.0 million installments every 90 days. Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of its retail channels for its EnerPlex products in the US, Europe and Asia, brand building, as well as the launch of additional EnerPlex products. The economic terms of the notes and the Series D Preferred Stock are substantially similar. About Ascent Solar Technologies: Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that can transform the way solar power generation integrates into everyday life. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly incorporated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. More information can be found at http://www.ascentsolar.com. Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." 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. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. 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.The notes and warrants were issued to the investor in a private placement. As part of the financing, the Company entered into a registration rights agreement pursuant to which it agreed to file a registration statement following closing with the U.S. Securities and Exchange Commission (the "SEC") registering for resale a portion of the shares of common stock issuable upon conversion of, or as payment of principal and interest on, the notes and upon exercise of the warrants. The Series D preferred stock will be issued to the investor through a registered direct offering. A shelf registration statement (File No. 333-199214) relating to the Series D preferred stock being offered has been filed with and declared effective by the SEC. A prospectus supplement relating to the offering of the Series D preferred stock will be filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC's website at http://www.sec.gov or from Ascent Solar Technologies, Inc., 12300 Grant Street, Thornton CO 80241, Attention: Investor Relations. This press release includes a summary of the general terms of the transaction. The complete terms of the financing have been included in a Form 8-K filed by Ascent Solar with the SEC on November 17, 2014.
This press release does not and shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration under the securities laws of any state or jurisdiction. Any offering of the Series D preferred stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. 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.