THORNTON, Colo. - Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of lightweight flexible thin-film photovoltaic (PV) panels, has initiated a public offering to raise up to $6 million, the company announced today. The offering is priced at $0.14 per share of common stock, with an alternative option for investors to purchase prefunded warrants to buy shares.
The prefunded warrants are immediately exercisable at $0.0001 per share and will remain valid until exercised in full. Dawson James Securities, Inc. is serving as the exclusive placement agent for the offering.
According to the company's statement, the offering is being conducted under a registration statement on Form S-1, which the U.S. Securities and Exchange Commission (SEC) declared effective as of April 9, 2024. The securities are available through a prospectus, which interested parties can obtain from the SEC's website or directly from Dawson James Securities, Inc.
Ascent Solar, with its 40 years of research and development, has established itself in the solar industry, especially for applications where weight and durability are critical. The company's PV modules have been utilized in various sectors, including space missions, agrivoltaic systems, and consumer products, showcasing the versatility of their technology.
The company's production facility and research center are located in Thornton, Colorado, where it continues to innovate in the field of solar energy solutions.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities, and there will be no sale of these securities in any jurisdiction where such offer, solicitation, or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.
InvestingPro Insights
As Ascent Solar Technologies, Inc. (NASDAQ:ASTI) seeks to raise capital through a new public offering, current metrics and insights from InvestingPro paint a detailed picture of the company's financial health and stock performance. With a market capitalization of just $1.04 million, the company's size is relatively small in the vast solar industry landscape. The recent data from InvestingPro indicates a significant debt burden and a rapid cash burn rate, which could be contributing factors to the company's decision to seek additional funding.
InvestingPro Tips suggest that ASTI's stock price has been quite volatile, trading near its 52-week low and reflecting a significant drop over the last year. The company's stock has fared poorly, with the price experiencing a steep decline of 99.54% year-on-year. These trends could be concerning for potential investors, signaling the need for careful consideration before participating in the offering.
Furthermore, the company's financials reveal challenges, with a negative gross profit margin of over -1000% for the last twelve months as of Q4 2023. Such metrics underscore the operational difficulties ASTI faces, as it struggles to turn its innovative solar technology into profitable growth.
To gain a deeper understanding of Ascent Solar's financial situation and stock performance, interested investors can explore additional InvestingPro Tips on the company's profile at https://www.investing.com/pro/ASTI. There are 17 more tips available that provide further insights into ASTI's operational and market performance. For those considering a subscription, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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