Ascent Solar Technologies (ASTI) Receives Nasdaq Non-compliance Notice, Will Request Hearing

As previously disclosed, on May 25, 2023, Ascent Solar Technologies (NASDAQ: ASTI) was notified by the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company no longer satisfied the $2.5 million stockholders’ equity requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(b)(2) (the “Equity Rule”). The Company thereafter presented its plan to evidence compliance with the Equity Rule for the Staff’s review.

Ultimately, however, by letter dated July 28, 2023, the Staff issued a delist determination based upon, among other things, the Company’s stockholders’ equity deficiency. The Company thereafter requested a hearing before the Nasdaq Hearings Panel (the “Panel”) to address the deficiencies and request a further extension to regain compliance with all criteria for continued listing on The Nasdaq Capital Market.

On October 2, 2023, the Company completed a public offering of units for gross proceeds of $10.3 million. As a result of the offering, the Company had more than $2.5 million in stockholders’ equity and had therefore regained compliance with the Equity Rule. As a result, the Company’s hearing with the Panel was cancelled and Nasdaq subsequently confirmed the Company’s compliance with the Equity Rule.

On March 5, 2024, the Staff notified the Company that it no longer satisfied the Equity Rule based upon stockholders’ equity of $(1,526,611) as reported in the Form 10-K for the year ended December 31, 2023 and, as a result, the Company’s common stock was subject to delisting from Nasdaq unless the Company timely requests a hearing before the Panel.

The Company plans to timely request a hearing before the Panel, which request will stay any further suspension or delisting action by Nasdaq at least pending the hearing and the expiration of any extension period that may be granted to the Company following the hearing. There can be no assurance however, that the Panel will grant the Company’s request for continued listing or that the Company will be able to evidence compliance with all applicable listing criteria prior to the expiration of any extension period that may be granted to the Company by the Panel.

You May Also Be Interested In

• H.C. Wainwright Reiterates Buy Rating on Ascent Solar (ASTI)
• Kimbell Royalty closes $221.2M mineral rights acquisition
• Nuvectis Pharma (NVCT) files $200M mixed shelf