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1 August 2014

Ascent Solar raises $3.96m from Asian investor after termination of $32m secured convertible debt agreement

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight, flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic modules that it integrates into its EnerPlex series of consumer products, says that the transaction contemplated by the securities purchase agreement announced on 21 July has been terminated.

A pre-condition to the closure of the transaction was for Ascent to obtain consent from a third party under an existing financing agreement. This consent could not be obtained on terms that were mutually agreeable to all parties concerned, resulting in Ascent and the prospective investors having to terminate the agreement.

Subsequent to the termination of this transaction, Ascent entered into a new stock purchase agreement (SPA) with an Asian-based investor to sell 12 million shares of restricted common stock with no warrants at a fixed price of $0.33 per share, for proceeds of $3.96m in two tranches. The common stock will be restricted for resale until 6 months after closure of the transaction. The first tranche of 4 million shares has already closed, for proceeds of $1.32m. The second tranche of 8 million shares will close by 15 August, for additional proceeds of $2.64m. No placement agent or placement fee is involved.

“We regret that the $32m financing agreement did not go through as planned,” says president & CEO Victor Lee. “However, the company was able to quickly secure funding with favorable terms from Asia through referral by our single largest shareholder, TFG Radiant Investment Group. “It is extremely gratifying to have the support of our largest shareholder, and to know that we have access to their extensive network when needed,” he adds.

“While this financing is not as large as the prior proposed transaction, it does provide the necessary capital infusion and foundation for us to raise additional funding to support our rapidly growing sales,” Lee comments.
The complete terms of the financing have been included in a Form 8-K filed by Ascent with the US Securities and Exchange Commission (SEC) on 31 July.

See related items:

Ascent Solar announces $32m secured convertible debt agreement

Ascent Solar completes $10m Ironridge financing

Tags: Ascent Solar EnerPlex CIGS

Visit: www.AscentSolar.com

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