Ascent Solar Technologies (ASTI) Enters $1M Conv. Series J-1 Preferred Stock Private Placement
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Ascent Solar Technologies, Inc. (OTC: ASTI) announced that the Company has entered into a Securities Purchase Agreement ("Agreement") with a new accredited investor ("Investor") for the private placement of $1 million of the Company's newly designated Series J-1 10% Convertible Preferred Stock ("Series J-1 Preferred Stock").
Pursuant to the Agreement, shares of the Series J-1 Preferred Stock, including the amount of any accrued and unpaid dividends thereon, will be convertible at the option of the Investor into common stock at a fixed conversion price of $0.0125 per share. There are no registration rights applicable to the Series J-1 Preferred Stock.
At closing, the Company issued a total of 100 shares of Series J-1 Preferred Stock to the investor in exchange for gross proceeds of $100,000. The Company will issue an additional 900 shares of Series J-1 Preferred Stock in exchange for gross proceeds of $900,000 in six subsequent closings scheduled to occur between November 2016 and February 2017.
"We are pleased to secure yet another investment commitment from a new investor," commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. "The funding will provide us with ongoing working capital needs as we continue to focus on the high value specialty PV market. The new investment reinforces our Investor's belief in Ascent's strategy and the tremendous potential of the Company's unmatched award-winning flexible CIGS solar technology."
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