Ascent Solar completes $5.5 million private placement financing

Ascent Solar Technologies Inc. (NASDAQ: ASTI) completed a private placement financing that raised approximately $2 million upfront with potential additional proceeds of $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 series A and series B warrants to purchase additional shares at $1.70 each. The series A warrants expire five years from the effective date of a resale registration statement, while series B warrants expire in 18 months.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The securities were offered under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under federal securities laws.

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 warrant exercises.

The company has agreed to file registration statements with the Securities and Exchange Commission covering the resale of the shares and underlying warrant shares under a registration rights agreement with investors.

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

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