THORNTON, CO, Jan. 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announces the completion of Tranche 2 of the Series 1A Preferred Stock.
On September 22, 2020, the Company entered into a securities purchase agreement (“Series 1A SPA”) with Crowdex Investment LLC, a private investor (“Crowdex”) and sold 2,000 shares of Series 1A Preferred Stock to Crowdex in exchange for $2,000,000 of gross proceeds at initial Tranche 1 closing.
On November 27, 2020, the Company issued to Crowdex a $500,000 Unsecured Convertible Promissory Note (“Note”) in a private placement and received $500,000 of gross proceeds from the offering of the Note. On December 31, 2020, the Company sold 500 shares of Series 1A Preferred Stock to Crowdex in exchange for the cancellation of the Note issued on November 27, 2020. There were no further cash proceeds from this closing.
On January 4, 2021, the Company entered into another securities purchase agreement (“Series 1A Tranche 2 SPA”) with TubeSolar AG, a developer of photovoltaic thin-film tubes that are assembled into modules to enable additional application opportunities in solar power generation compared to conventional solar modules, particularly in the agricultural sector (“TubeSolar”). TubeSolar, headquartered in Augsburg, Germany, is a publicly traded company listed on the Dusseldorf Stock Exchange of Germany under the ticker code: 9TS.DU. Pursuant to the Series 1A Tranche 2 SPA, the Company sold 2,500 shares of Series 1A Tranche 2 Preferred Stock to TubeSolar and received $2,500,000 of gross proceeds on January 5, 2021.
“I am pleased that despite the disruptions conferred by COVID-19, we have completed the full placement of the Series 1A Preferred Stock as part of Ascent’s recent restructuring and recapitalization efforts which began in early 2020,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “This marks the closure of our Phase I reorganization plan and begins a new era for Ascent Solar. We will continue to strengthen our balance sheet as we ramp up production to serve Tier-1 specialty PV markets in conjunction with satisfying the future demand of TubeSolar.”