5.75% convertible preferreds sold at $10,000 apiece to Ironridge
By Devika Patel
Knoxville, Tenn., May 29 - Ascent Solar Technologies, Inc. raised $3 million in the second and final tranche of a $6 million private placement of 5.75% series C convertible preferred stock with Ironridge Technology Co. on May 29, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal raised $3 million on April 1.
The company sold 600 preferreds at $10,000 apiece. It sold 300 preferreds in the first tranche and 300 preferreds in the second. The preferreds may be redeemed at par.
The preferred stock is convertible into common shares at $1.15 per common share. The conversion price is an 88.53% to the March 31 closing share price of $0.61.
The dividend rate will adjust upward by 98.88 basis points for each $0.05 that the volume weighted average price of the common stock on any trading day on which the dividend rate is below $1.00, for a maximum dividend rate of 18%. The dividend rate will adjust downward by 98.88 basis points for each $0.05 that the volume weighted average price of the stock on any trading day on which the dividend rate is above $1.30, for a minimum dividend rate of 3%.
Based in Littleton, Colo., Ascent develops thin-film photovoltaic materials.
| Issuer: | Ascent Solar Technologies, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $6 million
|
| Shares: | 600
|
| Price: | $10,000
|
| Dividends: | 5.75% (adjustable between 3% and 18%)
|
| Conversion price: | $1.15
|
| Call: | At par
|
| Warrants: | No
|
| Investor: | Ironridge Technology Co.
|
| Settlement date: | April 1 (for $3 million), May 29 (for $3 million)
|
| Stock symbol: | Nasdaq: ASTI
|
| Stock price: | $0.61 at close March 31
|
| Market capitalization: | $31.23 million
|
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