THORNTON, Colo. - Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of lightweight, flexible photovoltaic (PV) solutions, has entered into agreements to potentially repurchase warrants from two institutional investors. These warrants were part of a securities purchase contract dated December 19, 2022.
The repurchase agreements, established on March 6 and 7, 2024, outline that if Ascent Solar closes a new capital raising transaction exceeding $5 million, known as Qualified Financing, the company will repurchase the warrants for $3.6 million.
Following payment, the investors will transfer all rights in the warrants to Ascent Solar, leading to their cancellation. Until the completion of the Qualified Financing, the investors have agreed not to sell or assign the warrants, retaining the right to exercise them at the current price of $1.765 per share.
If the repurchase does not occur by April 12, 2024, either party can terminate the agreements. Should this happen, the warrants would remain in effect with their existing terms.
Ascent Solar has a long history in the PV sector, backed by 40 years of research and development. The company specializes in producing high-performance, flexible solar panels suitable for various applications, including space missions, airborne vehicles, and consumer goods. Ascent Solar operates a research and development center and a production facility in Thornton, Colorado.
The information in this report is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance and actual results could differ materially from those projected. Ascent Solar's filings with the Securities and Exchange Commission detail these risks under the "Risk Factors" section.
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