Ascent Solar Receives $5M In First Tranche of BD 1 Funding
BD 1 Investment Holding, LLC Completes First Tranche of $10M Funding Commitment—2nd Tranche Set for Fourth Quarter 2021
THORNTON, CO, Sept. 07, 2021 (GLOBE NEWSWIRE) — via NewMediaWire – Ascent Solar Technologies, Inc. (Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, is pleased to announce that the Company has received $5M from BD 1 Investment Holding, LLC (“BD 1”), the largest stakeholder of Ascent Solar, as the first tranche of a $10M funding commitment pursuant to the securities purchase agreement dated August 2nd, 2021 (SPA).
As previously announced, the Company entered into the SPA with BD 1 to sell 666.67 million shares of Common Stock of the Company (the “Shares”), at the prevailing market price of $0.015 per share, in exchange for a $10M funding commitment. Management indicated that the $10M funding from BD 1 would be delivered in two tranches of $5M each, whereby the Shares issued would likewise be made in two equal corresponding issuances of 333.33 million shares per tranche of funding. Management anticipates the second tranche of $5M to be funded by BD 1 on or before October 31st, 2021.
“Considering the extraordinary challenges that the Company faced in 2020, we believe that this investment is a strong vote of confidence in our management team, as well as the overall value potential of Ascent Solar,” said Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “I also believe it is a testament to our diligent focus on the restructuring and recapitalization of the Company, which has allowed for fundings such as this to be possible and should allow for future opportunities to unveil themselves.”
Management indicated that this tranche of capital should enable Ascent Solar to concentrate primarily on capacity ramp-up, technological improvements and a sales development strategy.
Mr. Johannes Kuhn, principal owner of BD 1, said, “I believe Ascent Solar’s creative use of proprietary monolithic-integration technology on flexible polyimide substrate, and the resultant ‘best in class’ Specific Power of its modules, is clearly state of the art and cannot be easily replicated. We have evaluated many solar ventures, but none have a management team that exhibits the wealth of experience, technological know-how, or possess a solar technology that in our opinion, can rival Ascent Solar.”
“This is why we’re committed to working closely with Ascent Solar’s management team, to achieve the long-term objectives of the Company. We are confident that Ascent Solar will become a commercially viable solar company, and a market leader in the high value specialty, PV solar marketspace.”
Mr. Lee concluded, “BD 1 works closely with a group of successful and well-heeled German investors who hold a controlling interest in Ascent Solar, who not only understand the solar marketspace, but have identified Ascent Solar as the industry’s future market leader. With their continued support, I am very optimistic, and look forward to stronger years ahead as our high-value, PV market focus really begins to take shape.”
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine’s 50 best inventions. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.com.
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission.
Ascent Solar Technologies
Investor Relations: IR@AscentSolar.com