Ascent Solar Closes Tranche 1 of $10 Million Registered Direct Financing with Ironridge Technology Co.

Ascent Solar Technologies, Inc. announced the closing of initial $5 million tranche as part of an agreement to raise $10 million through a registered direct offering with institutional investor Ironridge Technology Co., a division of Ironridge Global IV LTD. In the transaction, the company will issue up to $10 million of Series B convertible preferred stock in two tranches.

The second tranche of $5 million is expected to close in late 2013 or the early part of 2014. The second tranche preferred stock will be convertible into shares of common stock at a fixed conversion price of either $1.15 or $1.50 per common share.

“Ascent Solar’s thin film CIGS technology is well suited to power devices off-grid” said Brendan T. O’Neil, CFA managing director of Ironridge Global Partners. “Ironridge Global is pleased to provide Ascent Solar Technologies with funding to further accelerate growth in sales and distribution of the EnerPlex product line of solar-integrated consumer electronics.”

Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of its retail channels for its EnerPlex products in the US, Europe and Asia, brand building, as well as continuous launch of additional EnerPlex products throughout rest of this year into next year. This funding will enable us to aggressively launch new products in all of Ascent’s current product series (Kickr, Surfr, Jumpr, Packr) as well as new series of innovative products.

“We are extremely pleased to have secured this additional institutional funding, particularly from a sophisticated and well recognized technology investor,” said Victor Lee, Ascent’s president and CEO. “This is a clear vote of confidence in the new direction of the company and the momentum of the EnerPlex brand that we have built.”