Ascent Solar Technologies Inc., a developer of flexible thin-film photovoltaic modules, plans to commence a public offering of its common stock. Ascent intends to use the net proceeds from the offering for general corporate purposes, including working capital and operations.
The company is offering 9,166,700 shares of its common stock at $1.20 per share to the public. The gross proceeds from the offering are expected to be approximately $11.0 million, prior to deducting the underwriting discount and estimated offering expenses payable by Ascent.
Ascent has granted the underwriter a 45-day option to purchase at the public offering price, up to an aggregate of 1,375,005 additional shares of common stock to cover over-allotments, if any. The offering is expected to settle and close on or about September 25, subject to customary closing conditions.
Aegis Capital Corp. is acting as the sole book-running manager for this offering.
