Ascent Solar Enters into Redemption Agreement

Ascent Solar Technologies (OTCQB:ASTI) has announced that it has entered into a Redemption Agreement with a preferred stock holder to redeem all outstanding Series J-1 Preferred Stocik.

As quoted in the press release:

Pursuant to the Agreement, the Investor has agreed to surrender 7,000 outstanding shares of Preferred Stock (face value of $700,000) plus accrued dividends of $55,305.55 in exchange for 500 million shares of the Common Stock and 250 million warrants to purchase the Company’s Common Stock at a premium exercise price of $0.003. The Investor will own (not including the warrant shares) approximately 5.8% of the outstanding shares of Common Stock of the Company on a post transaction basis.

Mr. Victor Lee, President & CEO of Ascent Solar, said, “We are pleased that the Investor is agreeable to convert its maturing Preferred Stock into common equity at a fixed price equal to the latest market closing bid price. This is a clear demonstration of the Investor’s confidence in, and support for, the Company.”

Click here to read the full press release.

Get the Latest Cleantech Investing Stock Information

Get the latest information about companies associated with Cleantech Investing delivered directly to your inbox.


By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.


Leave a Reply