Ascent Solar Reaches Extension Agreement with Investor to Restructure Existing Promissory Notes


General News - Sep 21, 2017

Ascent Solar Technologies, Inc., a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic (PV) solutions, announced that the Company has entered into a Promissory Note Exchange Agreement with investor to restructure and extend the maturity of the existing Promissory Notes.

Pursuant to the Agreement, the Investor exchanged and canceled 11 outstanding promissory notes (with an aggregate principal and accrued interest of $3,504,197.45) for one new promissory note (the "New Note") having a principal amount of $3,504,197.45. The New Note will have an extended 3-year maturity on September 13, 2020 as opposed to the Old Notes, which would otherwise be due in the next 1 - 3 months. Principal and interest on the New Note will be payable in 36 equal monthly instalments starting from October 13, 2017.


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The Company also has the option to pay monthly instalment amounts in the form of shares of common stock. If elected by the Company, payments in the form of shares would be calculated using a conversion price equal to the lowest of (i) 85% of the average VWAP for the shares over the prior five trading days, (ii) the closing bid price for the shares on the prior trading day, or (iii) fixed price of $0.004 per share, which representing a substantial conversion premium of approximately 180% to the latest closing bid-price prior to the Agreement.

"We are extremely pleased to have the blessing from our Investor to the new repayment plan," commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. "The agreement to be potentially paid in common stock of the Company, further reinforces our Investor's continued belief in Ascent's strategy and the tremendous potential of the Company's lightweight flexible CIGS solar panel, underscored by the latest announcement that Ascent Solar was selected by PowerKeep to develop and supply solar panels for the Energizer® PowerKeep Line of Solar Products."

Source : Ascent Solar

Published on Global Energy World: Sep 21, 2017

 

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