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26 August 2014

Ascent Solar announces reverse stock split

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 its board of directors has approved a 1-for-10 reverse stock split of the company’s common stock, to become effective at 5pm (Eastern Time) on 26 August.

The firm will file an amendment to its Certificate of Incorporation on that date, as authorized by stockholders at its annual meeting held on 22 May. The stock is expected to commence trading on a post-reverse stock split basis on 27 August.

Ascent’s common stock will continue to trade on the NASDAQ Capital Market under the symbol ‘ASTI’. A new CUSIP number will be issued after the reverse stock split becomes effective. The reverse stock split is intended to increase the per-share trading price, in order to satisfy the $1 minimum bid price requirement for continued listing on the NASDAQ Capital Market.

As a result of the reverse stock split, every 10 shares of the firm’s common stock issued and outstanding at the effective time will automatically be combined into one issued and outstanding share without any change in the par value of those shares. In lieu of issuing fractional shares, Ascent will round fractions of shares up to the nearest whole share.

Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-10 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent’s transfer agent, Computershare Investor Services LLC, with specific instructions regarding the exchange of shares.

The firm expects to have about 11.7 million post-split shares outstanding. The number of authorized shares of common stock will remain at 250,000,000 shares.

The number of shares of Series A and Series C Convertible Preferred Stock outstanding will not be affected by the reverse stock split. However, the number of shares of common stock into which each outstanding share of Series A and Series C Convertible Preferred Stock is convertible will be adjusted proportionately as a result of the reverse stock split. All outstanding RSUs (restricted stock units), stock options and warrants to purchase shares of common stock will be adjusted proportionately. The maximum number of shares available for grant under the firm’s stock option plan and restricted stock plan will be adjusted proportionately as a result of the reverse stock split.

See related items:

Ascent receives $2.64m second tranche of funds from Asian investor in $3.96m stock issuance

Tags: Ascent Solar EnerPlex CIGS

Visit: www.AscentSolar.com

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