Ascent Solar raises $900,000 via Series 1B convertible preferred, initial price $0.14/share

Ascent Solar Technologies, Inc.

Issued 900 shares of Series 1B Convertible Preferred at $1,000/share for $900,000 gross proceeds.
Shares rank senior to common on dividends and liquidation; no fixed dividend or voting rights.
Conversion price initially $0.14/share, subject to reset to 90% of lowest VWAP (floor $0.028).
Beneficial ownership capped at 4.99% (can increase to 9.99% with 61 days' notice); Nasdaq rule limits conversion to 19.99% of outstanding without stockholder approval.
Proceeds used for general corporate purposes.

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. entered into Series 1B SPA with accredited investors valued at $900,000 (effective 2023-06-29).

Action: entry
Agreement: equity purchase
Counterparty: accredited investors
Value: $900,000
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”), entered into a securities purchase agreement (“Series 1B SPA”) with accredited investors (“Investors”), for the private placement of $900,000 of the Company’s newly designated Series 1B Convertible Preferred Stock

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Ascent Solar Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001553350-23-000381

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