Ascent Solar Technologies, Inc., a developer of consumer and off-grid products integrated with state-of-the-art, flexible thin-film photovoltaic modules, announced on August 7th, 2013, the second closing of Series A Preferred Stock announced on June 18, 2013. The closing resulted in proceeds of $3.0 million for the sale of 375,000 shares of preferred stock and 1,312,500 warrants exercisable at $0.90 per common share. Tranche 3 is expected to close in August 2013 with further proceeds of $2.0 million.
Victor Lee, Ascent's President and CEO said, "We are pleased to complete the second closing on this previously announced vote of confidence in our continued paradigm shift and strategy for growth."
In addition, Ascent has regained compliance with the Nasdaq Stock Market Listing Rules that require maintenance of a minimum $1.00 bid price. On August 5, 2012, the Company received notification from The Nasdaq Listing Qualifications department that the Company had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) after maintaining a closing bid price equal to or in excess of $1.00 for twenty consecutive trading days and that the Company's noncompliance with that rule, as announced on December 7, 2012, had been rectified.
