21 April 2015

Ascent Solar's largest shareholder TFG Radiant buys $1m more stock, raising stake to 17%

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, says that on 9 April it entered into a stock purchase agreement (SPA) with existing stockholder TFG Radiant Investment Group for $1m of common stock. The transaction closed on 17 April.

The transaction was priced at a fixed per share price of $1 and the firm has hence issued 1 million restricted shares to TFG Radiant. The shares will become unrestricted one year from the closing date.

With this investment, TFG Radiant's ownership in Ascent Solar has increased to about 17% of the outstanding common stock.

"TFG Radiant has been very supportive of the company," says Ascent Solar's chairman Dr Amit Kumar. "Their confidence in our current business direction underscores the future prospects for Ascent. We look forward to continuing achieving milestones in product launches, revenue growth and profitable operations," he adds. 

"We are more upbeat now than ever with regards to Ascent's future success and believe this is a good time to increase our ownership stake," comments TFG Radiant's chairman Winston Xu. "Ascent has demonstrated growing sales momentum the last two years and the company is clearly at an inflection point of its development where a strong foundation has been built to enable accelerating growth in sales," he adds. "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."

See related items:

Ascent Solar's expenses drive up annual loss despite quadrupling revenue

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

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