Ascent Solar closes $5.5 million private placement with warrant structure

Ascent Solar Technologies Inc. (NASDAQ: ASTI) announced the completion of a private placement that raised approximately $2 million upfront, with the potential for an additional $3.5 million if warrants are exercised in full.

The company sold 1,025,643 shares of common stock and pre-funded warrants at $1.95 per share, along with accompanying series A and series B warrants. Both warrant series carry an exercise price of $1.70 and are exercisable immediately upon issuance.

The series A warrants will expire five years from the effective date of a resale registration statement, while the short-term series B warrants will expire eighteen months from that date. H.C. Wainwright & Co. served as the exclusive placement agent for the offering.

Ascent Solar stated it plans to use the net proceeds for general working capital needs. The company noted that no assurance can be given that the warrants will be exercised or that it will receive cash proceeds from their exercise.

The securities were offered through a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under federal securities laws. The company has agreed to file registration statements with the SEC to cover the resale of the shares and warrant-underlying shares.

Ascent Solar develops flexible thin-film solar panels for space, military, defense and other specialized applications. The company operates a research and development center and 5-MW production facility in Thornton, Colorado.

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