Ascent Solar Technologies, Inc., a manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into the company’s new EnerPlexTM series of consumer products, announced on June 18th, 2013, the signing of an agreement to raise $6 million through a private placement to a high net worth private investor in Asia. In the private placement, the Company will issue (i) shares of Series A Preferred Stock convertible, at a conversion price of $0.80 per share, into 7,500,000 shares of common stock and (ii) warrants with a three year term to acquire 2,625,000 shares of common stock at a cash exercise price of $0.90 per share.
The private placement will be funded in three tranches, with the initial $1 million tranche to be closed this week. The remaining two tranches are expected to fund after a registration statement to be filed by the Company relating to the private placement securities is declared effective by the Securities and Exchange Commission.
Ascent intends to use the proceeds of the offering to fund the continued expansion of its retail channels for its EnerPlex products in the US, Europe and Asia, brand building, as well as the launch of additional products for EnerPlex product line expansion.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.