Deal sells 2,500 7% preferreds at $1,000 each with five-year warrants
By Devika Patel
Knoxville, Tenn., Feb. 20 – Ascent Solar Technologies, Inc. negotiated a $2.5 million sale of series D-1 convertible preferred stock on Feb. 19, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 2,500 preferreds at $1,000 apiece. The 7% preferreds mature on May 1, 2015 and are initially convertible into common stock at $2.31 per share, which is an 86.29% premium to the Feb. 18 closing share price of $1.24.
The preferreds may be converted to stock at an alternate conversion price, which will be equal to the lesser of the conversion price then in effect and 85% of the lowest volume-weighted average price of the stock on any day during the five consecutive trading day period preceding conversion.
The preferreds may be redeemed at 120.
The lone investor also will receive warrants for 541,126 shares, with each five-year warrant exercisable at $2.31. The strike price is also an 86.29% premium to the Feb. 18 closing share price.
WestPark Capital, Inc. is the agent.
Settlement is expected Feb. 25.
Ascent is a Thornton, Colo.-based company that develops thin-film photovoltaic materials.
| Issuer: | Ascent Solar Technologies, Inc.
|
| Issue: | Series D-1 convertible preferred stock
|
| Amount: | $2.5 million
|
| Maturity: | May 1, 2015
|
| Preferreds: | 2,500
|
| Price: | $1,000
|
| Dividends: | 7%
|
| Conversion price: | $2.31, or the lesser of the conversion price then in effect and 85% of the lowest volume-weighted average price of the stock on any day during the five consecutive trading day period preceding conversion
|
| Call: | At 120
|
| Warrants: | For 541,126 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.31
|
| Agent: | WestPark Capital, Inc.
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 25
|
| Stock symbol: | Nasdaq: ASTI
|
| Stock price: | $1.24 at close Feb. 18
|
| Market capitalization: | $25.64 million
|
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