Ascent Solar Completes $10 Million Preferred Stock Financing

Ascent Solar Technologies, Inc. announced it has completed the $5 million second closing under its previously announced Series B preferred stock purchase agreement with institutional investor Ironridge Technology Co., a division of Ironridge Global IV, Ltd. The company received the first $5 million from Ironridge in November 2013, and has now received the second $5 million.

In both closings, the company issued Ironridge shares of its Series B-1 Preferred Stock, which is convertible into shares of common stock at a fixed conversion price of $1.15 per common share.

“We are pleased to close on the second $5 million tranche earlier than anticipated, and to help facilitate the expansion of the EnerPlex brand through strengthening Ascent Solar’s balance sheet,” John C. Kirkland, Ironridge Global Partners’ managing director, said.

Ascent intends to use the proceeds of the offering to fund continuing operations and accelerated expansion of both traditional and kiosk centric retail channels for its EnerPlex products, aggressive brand building, as well as the launch of additional EnerPlex products and product lines in 2014. There are no restrictions on use of proceeds.