Bloomberg News

Ascent Solar Raises $6 Million From Private Investor in Asia (1)

June 18, 2013

Ascent Solar Technologies Inc. (ASTI:US), the U.S. thin-film photovoltaic manufacturer that’s shifting its focus to consumer electronics, will receive $6 million from a private investor in Asia.

Ascent, based in Thornton, Colorado, will issue Series A preferred stock that may be converted into 7.5 million common shares for 80 cents each, according to a statement today. The company also will issue three-year warrants to acquire an additional 2.63 million shares at 90 cents each.

The company rose 4 percent to 78 cents at the close in New York.

Ascent plans to use the funds to expand its line of EnerPlex consumer products, which includes a solar charging case for Apple Inc.’s iPhone.

The first of three funding tranches, worth $1 million, is expected to close this week and the remainder will occur after a registration statement is declared effective by the Securities & Exchange Commission, according to the statement.

Ascent hasn’t reported a profitable quarter since it went public in 2006, according to data (ASTI:US) compiled by Bloomberg. The company also is pursuing transportation, aerospace and off-grid applications for its products.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • ASTI
    (Ascent Solar Technologies Inc)
    • $1.13 USD
    • 0.02
    • 1.77%
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