Ascent Solar Technologies, Inc., specialised in the design and manufacturing of thin-film photovoltaic solutions based on copper, indium, gallium and selenium (CIGS), has set the price for a public offering aimed at raising $2mn. The transaction involves the issuance of one million ordinary shares, or equivalent pre-funded warrants, as well as the issuance of warrants allowing the purchase of up to one million additional shares. Each share, or equivalent warrant, is offered at a price of $2, together with an attached warrant.
Terms of the financial operation
According to the company, the warrants attached to this offering may be exercised immediately upon issuance at a price of $2 per share. Their validity will extend for five years from the initial issue date. The closing of the transaction is planned subject to the satisfaction of customary closing conditions.
Financial advisory firm H.C. Wainwright & Co. is acting as exclusive placement agent for this operation. Ascent Solar Technologies states that the expected gross proceeds, before fees and commissions, amount to $2mn, or approximately €1.87mn at the current exchange rate, according to the official announcement.
Use of raised funds
Management indicates that the funds raised will be used for working capital, product development activities, ongoing administrative expenses and other general corporate purposes. This operation takes place within the framework of a registration statement on Form S-1, approved by the Securities and Exchange Commission (SEC), the US stock market regulatory authority.
The preliminary prospectus for this public offering is already available on the website of the Securities and Exchange Commission, with the final version to be filed shortly. All subscription and official documentation procedures are also specified by H.C. Wainwright & Co.
Regulatory context and access to information
The company points out that this communication does not constitute an offer to sell or a solicitation to buy in any jurisdiction where such activities would be contrary to applicable law. The validity of this public offering depends on the registration or qualification of the securities in accordance with applicable laws.
Ascent Solar Technologies, Inc. stated that “the proceeds from this transaction will ensure the pursuit of the company’s strategic objectives in a demanding competitive environment”, according to the press release distributed by Globe Newswire on June 27.
