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3 September 2014

Ascent Solar announces new investment of $8m led by largest shareholder TFG Radiant

On 29 August, 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 entered into a stock purchase agreement (SPA) with existing stockholders TFG Radiant Investment Group and Series A investor Seng Wei Seow for about $8m of common stock.

In the first tranche of the transaction (which has closed), Ascent issued 845,309 common shares to Seow and 845,309 shares to TFG Radiant at a fixed per share price of $2.366 (representing a 30% premium to the closing price of $1.82 per share on 28 August), yielding in net proceeds of $4m.

In a second tranche, Ascent will issue 1,425,000 common shares to TFG Radiant at a fixed per share price of $2.80 (about 54% premium to the closing price on 28 August) to yield additional net proceeds of about $4m. The firm expects to hold a special stockholder meeting to approve the issuance of the second tranche shares in October. If stockholder approval is obtained, this second tranche will close shortly after the special stockholder meeting.

TFG Radiant’s stake in Ascent has risen to about 18.3% of the outstanding common stock subsequent to the closing of the first tranche and would further increase to about 26.2% after closing the second tranche.

“Our largest shareholder continues to demonstrate great confidence in us as our transition to consumer value-added products has yielded higher revenues,” says chairman Dr Amit Kumar. “Our business model and strategy has undergone tremendous change, which has translated into growing interest in our new products resulting in strong revenue growth over last year. While the repositioning of the company is challenging, we now feel that we have completed much of the ground work necessary for us to create value going forward,” he adds.

“We feel more upbeat now than ever before with regards to Ascent’s future success. Ascent has demonstrated growing sales momentum quarter after quarter,” comments TFG Radiant’s chairman Winston Xu. “The company is at an inflection point of its development, and we believe the foundation has been built to enable increasing growth in sales,” he adds. “As the largest shareholder of Ascent Solar, TFG Radiant strongly believes in Ascent’s business plan, and is firmly committed to the company’s strategy for growth. Ascent’s game changing technology is truly unique in the industry and the broad array of products launched and soon to be launched will underscore this point.”

See related items:

Ascent Solar announces reverse stock split

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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