8 August 2013

Ascent Solar closes $3m second tranche of $6m financing; regains Nasdaq compliance

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight copper indium gallium diselenide (CIGS) thin-film photovoltaic modules that it integrates into its EnerPlex series of consumer products, has announced the second closing of Series A Preferred Stock announced on 18 June (when it closed a $1m first tranche through a private placement with an investor in Asia). The second closing resulted in proceeds of $3m for the sale of 375,000 shares of preferred stock and 1,312,500 warrants exercisable at $0.90 per common share. Tranche 3 is expected to close in August with further proceeds of $2m (making $6m in total).

“We are pleased to complete the second closing on this previously announced vote of confidence in our continued paradigm shift and strategy for growth," says president & CEO Victor Lee.

Ascent said in June that it will use proceeds to fund the expansion of retail channels for its EnerPlex products in the USA, Europe and Asia; brand building; and the launch of additional EnerPlex products.

In addition, Ascent has regained compliance with the Nasdaq Stock Market Listing Rules that require maintenance of a minimum $1.00 bid price. On 5 August, the firm received notification from The Nasdaq Listing Qualifications department that it had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) after maintaining a closing bid price equal to or in excess of $1.00 for 20 consecutive trading days and that the firm’s noncompliance with that rule (as announced on 7 December 2012) had been rectified.

See related items:

Asian investor backs Ascent Solar’s EnerPlex products with $6m in funding

Tags: Ascent Solar EnerPlex CIGS

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