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IQE

18 November 2014

Ascent Solar secures $35m financing from institutional investor

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight, flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic modules integrated into off-grid applications and its EnerPlex series of consumer products, has signed a definitive agreement to raise $35m in financing from one institutional investor.

The firm will issue (i) $32m principal amount of senior secured convertible notes, (ii) $3m of Series D convertible preferred stock and (iii) warrants to purchase shares of its common stock. The transaction is subject to customary closing conditions and is expected to close by 21 November. WestPark Capital Inc acted as the sole placement agent.

At closing, Ascent Solar will receive $4.5m in gross proceeds. The remaining $30.5m will be placed into restricted control accounts of the company. Ascent Solar expects to receive $2.5m from the control accounts in December 2014 or January 2015, conditioned upon receiving stockholder approval of certain share issuances relating to the financing and having a resale registration statement declared effective. The firm expects to receive an additional $6m from the control accounts 75 days later. The remaining gross proceeds of $22m will then be released for the company’s use in $6m installments each 90 days thereafter.

Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of retail channels for its EnerPlex products in the USA, 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. The notes and warrants will be issued to the investor in a private placement. As part of the financing, Ascent entered into a registration rights agreement in which it agreed to file a registration statement following closing with the US Securities and Exchange Commission (SEC) registering for resale a portion of the shares of common stock issuable upon conversion of, or as payment of principal and interest on, the notes and upon exercise of the warrants.

The Series D preferred stock will be issued to the investor through a registered direct offering. A shelf registration statement (File No. 333-199214) relating to the Series D preferred stock being offered has been filed with and declared effective by the SEC.

A prospectus supplement relating to the offering of the Series D preferred stock will be filed by the company with the SEC.

See related items:

Ascent Solar's largest shareholder completes second tranche of stock investment

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

Ascent reaches milestone for proposed JV with China’s Suqian City

China’s Suqian City to provide $32.5m via JV with Ascent to build 25MW CIGS PV manufacturing plant

Tags: Ascent Solar EnerPlex CIGS

Visit: www.AscentSolar.com

Visit: www.goenerplex.com

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