Ascent Solar Technologies Closes Up To $5.5M Private Placement Priced At-The-Market Under Nasdaq Rules

Ascent Solar Technologies, Inc. announced the completion of its previously disclosed private placement, in which the Company sold a total of 1,025,643 shares of common stock (or pre-funded warrants in lieu thereof), along with series A warrants and short-term series B warrants, each allowing the purchase of up to 1,025,643 shares of common stock.

The offering was priced at $1.95 per share of common stock (or per pre-funded warrant) along with accompanying warrants priced at-the-market under Nasdaq rules. Both series A and short-term series B warrants have an exercise price of $1.70 and are exercisable immediately upon issuance. The series A warrants will expire five years from the effective date of the Resale Registration Statement, while the short-term series B warrants will expire eighteen months from the same date.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The gross proceeds from the sale were approximately $2 million before deducting placement agent fees and other offering-related expenses. If the series A and series B warrants are fully exercised on a cash basis, the Company could receive additional gross proceeds of approximately $3.5 million.

However, there is no guarantee that the warrants will be exercised or that the Company will receive any additional cash proceeds from them. The Company intends to use the net proceeds from the offering to support general working capital needs.

The securities were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder. The shares issued, along with the common stock underlying the warrants, have not been registered under the Securities Act or applicable state securities laws, and therefore cannot be offered or sold in the United States except under a valid registration statement or an applicable exemption.

Under a registration rights agreement with investors, Ascent Solar Technologies has agreed to file one or more registration statements with the SEC to cover the resale of the shares issued in the offering and those issuable upon exercise of the warrants.