THORNTON, CO, Aug 5, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Ascent Solar Technologies, Inc. (OTC-PK: ASTI), developer and manufacturer of advanced, lightweight and flexible thin-film photovoltaic (PV) solutions, announces the signing of a new financing agreement with BD 1 Investment Holding , LLC (“BD 1”), the investment holding arm of the German controlling shareholders of the Company.
On August 2, 2021, the Company entered into a securities purchase agreement (“SPA”) with BD 1 Investment Holding, LLC, to sell 666.67 million common shares of the Company at the prevailing market price of 0.015 $ per share in exchange for new funding of $ 10 million (the “Shares”). In accordance with the SPA, BD 1 will be required to complete the transaction in two tranches, with the first tranche of $ 5 million to be closed by August 31, 2021 and the second tranche of $ 5 million to be closed (i) at the latest. October 31. 2021 or (ii) within five working days (if after October 31, 2021) from the effective date of the increase in shares authorized to be deposited by the Company. The Shares will not be registered and subject to standard selling restrictions in accordance with SEC regulations governing controlling shareholders.
“This new financing agreement is a strong vote of confidence from our majority shareholders in the restructuring and recapitalization effort undertaken by Ascent Solar since early 2020,” commented Victor Lee, President and CEO of Ascent Solar Technologies , Inc. “Despite the ongoing pandemic, The Ascent team has shown great resilience and perseverance in restarting operations and in pursuing its ambition to provide innovative power solutions for everyone, everywhere. . The new funding will allow Ascent to execute our business plan to deliver long-term shareholder value by focusing on capacity building, technology improvement and sales development. We will continue to strengthen our balance sheet as we ramp up production to serve the Tier 1 specialty PV markets in conjunction with meeting future demand from TubeSolar AG. “
Mr. Lee concluded, “Despite an extremely difficult 2020, we are optimistic and look forward to stronger years to come as our focus on the high-value PV market begins to take shape. We will continue to keep our shareholders regularly informed as we move forward. “
Mr. Johannes Kuhn, Principal Investor of BD 1, said: “Ascent’s proprietary monolithic integration technology on a flexible polyimide substrate and the resulting best-in-class specific power of its modules are clearly at the forefront. state of the art and cannot be easily replicated. We are pleased to be a major investor in Ascent Solar, which we believe has immense potential to be a commercially viable company and a market leader, particularly in the specialist high value PV markets. We will continue to work closely with Ascent’s management team to achieve its long-term goals.
About Ascent Solar Technologies, Inc:
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and more robust than traditional solar panels. Ascent Solar Modules were named one of the Top 100 Technologies in 2010 and 2015 by R&D Magazine, and one of TIME Magazine’s 50 Best Inventions for 2011. The technology described above represents cutting edge technology. flexible energy and can be directly integrated into off-grid products and applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.com.
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties and other unknown factors which could cause the actual operating results of the Company to differ materially from any historical results or from any future results expressed or implied by these. forward-looking statements. In addition to statements which explicitly describe these risks and uncertainties, readers are cautioned to consider statements containing terms such as “belief”, “belief”, “expects”, “expects”, ” intention “,” intention “,” anticipate, “” anticipate “,” plan “,” plan “, to be uncertain and forward-looking. The forward-looking statements contained in this document are also generally subject to other risks and uncertainties which are described from time to time in the documents filed by the Company with the Securities and Exchange Commission.
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