THORNTON, Colo.--(BUSINESS WIRE)--Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company's EnerPlex™ series of consumer products, announced today that it entered into a Stock Purchase Agreement (SPA) on April 9, 2015 with existing stockholder TFG Radiant Investment Group (“TFG Radiant”) for $1.0 million of common stock. The transaction closed on April 17, 2015.
The transaction was priced at a fixed per share price of $1.00 and the Company has issued 1,000,000 restricted shares to TFG Radiant. The shares will become unrestricted one year from the closing date.
With this investment, TFG Radiant’s ownership in the Company has increased to approximately 17.0% of the outstanding common stock subsequent to the closing.
Dr. Amit Kumar, Chairman of Ascent Solar, stated, “TFG Radiant has been very supportive of the company, and we appreciate their continued enthusiasm and interest in Ascent. Their confidence in our current business direction underscores the future prospects for Ascent. We look forward to continuing achieving milestones in product launches, revenue growth and profitable operations.”
Winston Xu, Chairman of TFG Radiant, said, “We are more upbeat now than ever with regards to Ascent’s future success and believe this is a good time to increase our ownership stake in the company. Ascent has demonstrated growing sales momentum the last two years and the Company is clearly at an inflection point of its development where a strong foundation has been built to enable accelerating growth in sales. As the largest shareholder of Ascent Solar, TFG Radiant strongly believes in Ascent’s business plan and is firmly committed to the Company and its strategy for growth.”
About Ascent Solar Technologies, Inc.:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that are more flexible, versatile and rugged than traditional solar panels. Ascent Solar modules can be directly integrated into consumer products and off-grid applications, as well as aerospace and building integrated applications. Ascent Solar is headquartered in Thornton, Colorado. For more information, go to www.goenerplex.com or 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 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 "believe," "expect," "intend," "anticipate," "plan," and other words and terms of similar meaning to be uncertain and forward-looking. 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 SEC. The Company disclaims any intention or obligation to update or revise any financial or other projections or other forward-looking statements, whether because of new information, future events or otherwise.