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.”