Ascent Solar to sell USD 1m of new convertible stock

US thin-film photovoltaic (PV) modules maker Ascent Solar Technologies Inc (OTCMKTS:ASTI) said today it has agreed to place USD 1 million (EUR 911,000) worth of newly designated stock with a new accredited investor.

The Colorado-based company has issued 100 shares of the Series J-1 10% convertible preferred stock for gross proceeds of USD 100,000 and will sell a further 900 units in six subsequent closings between November 2016 and February 2017, it said. These units can be converted into common stock at a fixed price of USD 0.0125 apiece.

"The funding will provide us with 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.

The company makes flexible thin-film PV modules that are integrated into its EnerPlex series of consumer products.

(USD 1.0 = EUR 0.912)

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