Ascent Solar Technologies, a manufacturer of state-of-the-art, flexible thin-film PV modules, integrated into the Company’s new EnerPlex™ series of consumer products, announced the closing of its previously announced US$35 million financing.
At closing, the company issued (i) US$32 million principal amount of senior secured convertible notes, (ii) US$3 million of Series D convertible preferred stock and (iii) warrants to purchase shares of its common stock. At closing, Ascent received unrestricted access to US$4.5 million, while the remaining US$30.5 million of gross proceeds have been deposited into a restricted control account of the Company. Once stockholder approval for the share issuances relating to the financing is obtained and the company’s resale registration statement is declared effective, the Company will receive an additional US$2.5 million of unrestricted gross proceeds from the control account. The company will receive an additional US$6.0 million of unrestricted gross proceeds from the control account 75 days after receiving the installment of US$2.5 million. Thereafter, the remaining gross proceeds of US$22 million will be released for the company’s use in US$6.0 million installments every 90 days.
Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of its retail channels for its EnerPlex products in the US, Europe and Asia, brand building, as well as the launch of additional EnerPlex products.
The economic terms of the notes and the Series D Preferred Stock are substantially similar.