Ascent Solar Technologies, Inc. (Nasdaq: ASTI), a developer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated
into the Company's EnerPlex™ series of consumer products, announced
today that it entered into a Stock Purchase Agreement (SPA) on June 10,
2015 with its largest stockholder, TFG Radiant Investment Group (“TFG
Radiant”), for $1.0 million of common stock. The transaction is expected
to close on or before July 17, 2015.
The transaction was priced at a fixed per share price of $1.00 or
approximately a 43% premium above the closing price on June 9, 2015. On
completion, the Company will issue 1,000,000 restricted shares to TFG
Radiant, which shares will be subjected to one year trading restriction
from the closing date. With this additional investment, TFG Radiant’s
ownership in the Company will be approximately 17.0% of the outstanding
common stock subsequent to the closing.
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “TFG Radiant continues
to be very supportive of the company, and we appreciate their continued
belief and interest in Ascent. Their confidence in our current business
direction underscores the future prospects for Ascent. We look forward
to continued achievement of milestones in product launches, revenue
growth and profitable operations.”
Winston Xu, Chairman of TFG Radiant, said, “We strongly believe in the
underlying value of Ascent Solar and we are pleased to increase our
ownership stake in the company. The growth momentum, demonstrated by the
Company in the last two years clearly endorses the strong foundation
that has been built to enable accelerating growth in sales. As the
largest shareholder of Ascent Solar, TFG Radiant strongly believes in
Ascent’s business plan and is firmly committed to the Company and its
strategy for growth.”
About Ascent Solar Technologies: Ascent Solar Technologies, Inc.
is a developer of thin-film photovoltaic modules with substrate
materials that are more flexible, versatile and rugged than traditional
solar panels. Ascent Solar modules can be directly integrated into
consumer products and off-grid applications, as well as aerospace and
building integrated applications. Ascent Solar is headquartered in
Thornton, Colorado. For more information, go to www.ascentsolar.com.
About EnerPlex (and design)™: EnerPlex is a registered trademark
in the USA, European Community, Australia, Japan and Hong Kong. The
EnerPlex brand represents Ascent's line of consumer products. These
products, many of which are integrated with Ascent's proprietary CIGS
technology, provide consumers with the ability to integrate solar into
their everyday lives, while enabling them to free themselves and their
electronics from the outlet. For more information on the EnerPlex brand
and to see the product line, please visit www.goenerplex.com.
Forward-Looking Statements: Statements in this press release that are
not statements of historical or current fact constitute "forward-looking
statements." Such forward-looking statements involve known and unknown
risks, uncertainties and other unknown factors that could cause the
Company's actual operating results to be materially different from any
historical results or from any future results expressed or implied by
such forward-looking statements. In addition to statements that
explicitly describe these risks and uncertainties, readers are urged to
consider statements that contain terms such as "believes," "belief,"
"expects," "expect," "intends," "intend," "anticipate," "anticipates,"
"plans," "plan," to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject generally
to other risks and uncertainties that are described from time to time in
the Company's filings with the Securities and Exchange Commission.
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