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THORNTON, Colo., April 12, 2024 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (NASDAQ: ASTI), a U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced the initial closing its previously announced “best efforts” public offering. 12,629,460 shares of common stock and 9,426,570 Pre-Funded Warrants, representing gross proceeds of $3.09 million before deducting offering expenses, have been sold. The prefunded warrants are immediately exercisable at a price of $0.0001 per share of common stock and only expire when such prefunded warrants are fully exercised. The offering will remain open until the earlier of (i) April 26, 2024; or (ii) such date as the Company determines to terminate the offering.
We intend to use the net proceeds from this offering, together with our existing cash, to (i) pay approximately $200,000 to retire an outstanding cash payable related to our secured notes issued in December 2022, (ii) pay $1.8 million to purchase and cancel 2,798,116 warrants with a current exercise price of $1.76 per share that were issued with our secured notes issued in December 2022 that would adjust to 35,277,248 warrants with an exercise price of $0.14 (at an offering price of $0.14 per share), if not purchased and (iii) for general and administration expenses and other general corporate purposes.
Dawson James Securities, Inc. is acting as the exclusive placement agent for the offering.
Carroll Legal, LLC, Denver, CO, represented the Company in connection with the offering, and ArentFox Schiff LLP, Washington, DC, represented the placement agent.
This offering is being made pursuant to an effective registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus relating to the offering was filed with the SEC on September 29, 2023. The securities may only be offered by means of a prospectus. Copies of the final prospectus may be obtained, when available, at the SEC’s website at www.sec.gov or from Dawson James Securities, Inc. Attention: Prospectus Department, 101 North Federal Highway, Suite 600, Boca Raton, FL 33432, investmentbanking@dawsonjames.com or toll free at 866.928.0928.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.