Ascent Solar lowers convertible note floor price from $40 to $0.65 per share

Ascent Solar Technologies, Inc.

Floor price on $407K outstanding Advance Notes reduced to $0.65 from $40.00 per share.
Future conversions at 80% of three lowest VWAPs over 10 trading days, minimum $0.65.
Outstanding conversion payable liability of $1.26M may now be settled in stock at 100% of VWAP.
Amendment significantly increases potential dilution for existing common stockholders.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Ascent Solar Technologies, Inc. amended Advance Notes with two institutional investors (effective 2023-12-01).

Action: amendment
Agreement: credit facility
Counterparty: two institutional investors
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, the Company and each of the Investors agreed: · to amend the Advance Notes to provide that the Floor Price for all purposes of the Advance Notes has been lowered to $0.65 per share of the Company’s common stock; · future conversions of the Advance Notes will continue to be at the conversion price of 80% of the three lowest VWAPs of the Common Stock on the 10 trading days preceding delivery of a conversion notice by an Investor, but the conversion price may not be less than the Floor Price of $0.65; · future stock payments of existing conversion payable liabilities will be at an issue price of 100% of the VWAP of the Common Stock on the conversion date, but the conversion price may not be less than the Floor Price of $0.65.

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Ascent Solar Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001079973-23-001687

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