Ascent Solar (ASTI) Enters Strategic Alliance with TFG Radiant Group of China
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Ascent Solar Technologies, Inc. (NASDAQ: ASTI) and TFG Radiant Group today announced they have signed a more than $275 million plus royalties long-term, multi-faceted, strategic partnership that includes investments by TFG Radiant in Ascent and a joint development agreement between TFG Radiant and Ascent to establish manufacturing facilities to be located in East Asia.
Under the agreement, TFG Radiant has committed $165 million for the initial East Asia FAB, bringing the total deal value to about $450 million plus royalties.
TFG Radiant has purchased 6,400,000 shares of Ascent stock at a price of $1.15 per share. In addition, TFG Radiant will receive the right to purchase an additional 9,500,000 shares of Ascent stock, at a price of $1.55 per share.
In connection with the investment, TFG Radiant has the right initially to appoint one member to Ascent’s Board of Directors, and entitlement to appoint a second member if TFG Radiant’s ownership percentage increases in the future pursuant to the exercise of its stock purchase option.
Under the agreement, TFG Radiant has committed $165 million for the initial East Asia FAB, bringing the total deal value to about $450 million plus royalties.
TFG Radiant has purchased 6,400,000 shares of Ascent stock at a price of $1.15 per share. In addition, TFG Radiant will receive the right to purchase an additional 9,500,000 shares of Ascent stock, at a price of $1.55 per share.
In connection with the investment, TFG Radiant has the right initially to appoint one member to Ascent’s Board of Directors, and entitlement to appoint a second member if TFG Radiant’s ownership percentage increases in the future pursuant to the exercise of its stock purchase option.
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