Ascent Solar Technologies Inc. has completed the $5 million second closing under its previously announced Series B preferred stock purchase agreement with institutional investor Ironridge Technology Co. The company received the first $5 million from Ironridge in November 2013.
In both closings, the company issued Ironridge shares of its Series B-1 preferred stock, which is convertible into shares of common stock at a fixed conversion price of $1.15 per common share.
Ascent says it intends to use the proceeds of the offering to fund continuing operations and expansion of retail channels for its EnerPlex thin-film photovoltaic products, brand building and the launch of additional products this year.
