Ascent Solar issuing convertible note to new investor

Ascent Solar Technologies Inc (OTCMKTS:ASTI) said today it has secured a new investor through an agreement to issue a USD-1.725-million (EUR 1.4m) convertible promissory note.

The private placement will result in gross proceeds of USD 1.5 million for the US flexible thin-film photovoltaic (PV) modules maker, it said in a statement. The unnamed investor can choose to convert the principal amount of the zero-coupon note into Ascent Solar common stock at a fixed conversion price of USD 0.0040 per share.

"The funding will provide an additional buffer to our ongoing working capital needs as we continue to focus on the high value specialty PV market,” said Victor Lee, president and CEO of Ascent Solar.

Earlier this week, Ascent Solar announced it has been picked by PowerKeep, in partnership with Energizer, to develop and supply solar panels to its line of solar products.

(USD 1.0 = EUR 0.837)

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