- News
12 February 2014
Ascent Solar completes $10m Ironridge financing
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, has completed the $5m second closing under its Series B preferred stock purchase agreement (announced at the end of October) with institutional investor Ironridge Technology Co (a division of Ironridge Global IV Ltd). The firm received the first $5m from Ironridge in November and has now received the second $5m.
In both closings, Ascent issued Ironridge shares of its Series B-1 preferred stock, which is convertible into shares of common stock at a fixed conversion price of $1.15 per common share.
“We are pleased to close on the second $5m tranche earlier than anticipated, and to help facilitate the expansion of the EnerPlex brand through strengthening Ascent Solar’s balance sheet,” comments Ironridge Global Partners’ managing director John C. Kirkland.
Ascent intends to use the proceeds of the offering to fund continuing operations and accelerated expansion of both traditional and kiosk-centric retail channels for its EnerPlex products, aggressive brand building, as well as the launch of additional EnerPlex products and product lines in 2014. There are no restrictions on use of proceeds.
Ascent Solar raising $10m in financing with Ironridge
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