Ascent Solar amends convertible notes; lowers floor price to $0.13, waives Nasdaq equity default

Ascent Solar Technologies, Inc.

Second Amendment waives default from non-compliance with Nasdaq $2.5M stockholders' equity requirement.
Floor Price cut to $0.13; conversion below floor triggers cash or post-split share settlement.
Prepayment schedule: $333,333 each on Apr 3 & Apr 13 (paid); $666,667 due by Sep 17, 2023.
Company must attempt reverse stock split within 60 days, raise capital before Aug 16, maintain $2M cash.
Non-compliance with amendment terms constitutes an Event of Default under the Advance Notes.

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 0.9

Ascent Solar Technologies, Inc. amended Second Amendment with two institutional investors (effective 2023-05-25).

Action: amendment
Agreement: credit facility
Counterparty: two institutional investors
Effective: 2023-05-25

Exact text from the filing

On May 25, 2023, the Company and each of the Investors entered into a Waiver and Amendment Agreement (the “Second Amendment”) relating to the Securities Purchase Contract and the Advance Notes.

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Ascent Solar Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001553350-23-000307

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