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Flexible Electronics News

Ascent Solar Secures New Funding

Secures private placement of $1.35 million of the company’s newly designated Series J 10% Convertible Preferred Stock.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Ascent Solar Technologies, Inc. announced that the company has entered into a securities purchase agreement with an accredited investor for the private placement of $1.35 million of the company’s newly designated Series J 10% Convertible Preferred Stock.
 
At closing, the company issued a total of 225 shares of Series J Preferred Stock to the investor in exchange for gross proceeds of $225,000. The company will issue an additional 1,125 shares of Series J Preferred Stock in exchange for gross proceeds of $1,125,000 in five subsequent closings scheduled to occur in October and November 2016.
 
“We are satisfied to have secured this new investment, said Victor Lee, president and CEO of Ascent Solar. “The funding will provide us with ongoing working capital needs as we continue to focus on the high value specialty PV market. The new investment reinforces our investor’s belief in Ascent’s strategy and the tremendous potential of the company’s lightweight flexible CIGS solar panel.”

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