12 November 2014

Ascent Solar's largest shareholder completes second tranche of stock investment

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight, flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic modules integrated into off-grid applications and its EnerPlex series of consumer products, has announced completion of the second tranche of common stock investment following the stock purchase agreement (SPA) dated 29 August and approved at a special shareholder meeting on 22 October.

In the first tranche (which closed on 29 August) the firm issued 845,309 common shares to a Series A investor and 845,309 shares to Ascent’s largest shareholder, TFG Radiant Investment Group Ltd at a fixed per share price of $2.366, representing a 30% premium to the closing price of $1.82 per share on 28 August. The first tranche closure resulted in net proceeds of $4m.

In the second tranche, Ascent Solar issued an additional 1,425,000 common shares to TFG Radiant at a fixed per-share price of $2.80 (a 54% premium to the closing price on 28 August and about 44% premium to the closing price on 10 November). The closure results in additional net proceeds of about $4m. TFG Radiant’s ownership of Ascent Solar has now risen to about 24% of the outstanding common stock.

“We hope to reap the rewards of the hard work incurred in repositioning the company,” says Ascent Solar’s chairman Dr Amit Kumar. “We have been able to create a new type of solar energy company where we are able to sell our products at a price that can be factors of 10 or greater than other solar manufacturers,” he reckons. “Our focus in the near future will be to expand the portfolio of products, increase and expand the distribution channels, and reduce manufacturing costs by shifting our production to China, aided by the funding expected to be received from the municipal government of Suqian,” Kumar adds.  

“We are very encouraged by the progress that Ascent has made since they embarked on a new business strategy, especially with the introduction of the EnerPlex family of products,” comments TFG Radiant’s chairman Winston Xu.

See related items:

Ascent Solar announces reverse stock split

Ascent receives $2.64m second tranche of funds from Asian investor in $3.96m stock issuance

Ascent reaches milestone for proposed JV with China’s Suqian City

China’s Suqian City to provide $32.5m via JV with Ascent to build 25MW CIGS PV manufacturing plant

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