Series B preferred stock sold at $10,000 per preferred to Ironridge
By Devika Patel
Knoxville, Tenn., Feb. 11 - Ascent Solar Technologies, Inc. said it raised $5 million in the second and final tranche of a $10 million registered direct offering of 10% series B convertible preferred stock with Ironridge Technology Co. The deal was conducted in two equal tranches and priced on Oct. 30, with the first tranche settling for $5 million on Nov. 4.
The company is selling 1,000 preferreds at $10,000 apiece. It sold 500 preferreds in the initial tranche.
The preferred stock is convertible into common shares at $1.15 per common share. The conversion price is a 26.37% premium to the Oct. 29 closing share price of $0.91.
Midtown Partners & Co., LLC was the agent.
Proceeds will be used for continued operations and expansion of the company's retail channels for its EnerPlex products, brand building, as well as the launch of additional EnerPlex products.
Based in Littleton, Colo., Ascent develops thin-film photovoltaic materials.
| Issuer: | Ascent Solar Technologies, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $10 million
|
| Shares: | 1,000
|
| Price: | $10,000
|
| Dividends: | 10%
|
| Conversion price: | $1.15
|
| Warrants: | No
|
| Agent: | Midtown Partners & Co., LLC
|
| Investor: | Ironridge Technology Co.
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 4 (for $5 million), Feb. 11 (for $5 million)
|
| Stock symbol: | Nasdaq: ASTI
|
| Stock price: | $0.91 at close Oct. 29
|
| Market capitalization: | $42.01 million
|
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