News

11 November 2010

 

CIGS PV firm Ascent prices public offering of common stock

Pursuant to a shelf registration statement filed with the US Securities and Exchange Commission (SEC), Ascent Solar Technologies Inc of Thornton, CO, USA, which manufactures monolithically integrated flexible thin-film photovoltaic modules based on copper indium gallium diselenide (CIGS), has announced an underwritten public offering of 5.25 million shares of its common stock, priced at $4.15 per share. The firm has also granted the underwriters a 30-day option to purchase up to 787,500 additional shares.

After deducting the underwriting discount and estimated offering expenses, net proceeds are expected to be $20.25m, and will be used for completion of the firm’s 30MW FAB2 production plant and for general corporate purposes.

In March 2009, Ascent expanded from its initial facility in Littleton, CO (with a 1.5MW-capacity manufacturing line that entered production in first-quarter 2009) by opening its existing 145,000ft2 headquarters in Thornton. Ascent began initial production of CIGS modules from its high-volume FAB 2 production plant there this May.

The offering is expected to settle and close on 16 November, subject to customary closing conditions. Copies of the preliminary prospectus supplement and, when available, the final prospectus supplement, as well as the accompanying base prospectus relating to the offering, can be obtained from the SEC or from sole lead underwriter Cowen and Company LLC. Rodman & Renshaw LLC and ThinkEquity LLC are acting as co-managers in the offering.

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