Ascent Solar Technologies Inc has secured the additional $5 million from Ironridge Technology Co, in fulfillment of its previously announced Series B preferred stock purchase agreement with the institutional investor, a statement about the financing said. The first $5 million from the Ironridge Global IV Ltd division was given to Ascent Solar Technologies in November last year.
Ironridge was given shares of the company's Series B-1 Preferred Stock in both closings which can be converted to common stock shares at a fixed price of $1.15 for every common share, the statement said.
Ironridge Global Partners Managing Director John C. Kirkland, "We are pleased to close on the second $5 million tranche earlier than anticipated, and to help facilitate the expansion of the EnerPlex brand through strengthening Ascent Solar's balance sheet."
Thornton, Colorado-based Ascent Solar Technologies develops state-of-the-art thin-film photovoltaic modules using substrate materials that are more flexible and affordable compared to many of today's traditional solar panels. Its modules can be integrated right away into standard building materials and aerospace applications. It can also be integrated to consumer electronics for portable power or be configured as stand-alone modules for wide terrestrial use, the statement said.
Proceeds of the financing will be used by Ascent to financing its continuing operations as well as hasten the growth of its traditional and kiosk centric retail outlets for its EnerPlex products. The funds will also be used to build the EnerPlex brand aggressively as well as for the rollout of more EnerPlex products and product lines this year. No restrictions have been made on the use of the funds, the statement said.
Ironridge Technology Co focuses on making direct equity investments in technology firms. Ironridge Global Partners is an investor directly invests in micro-cap public companies. Since 2011, the fund has closed more than 60 transactions worth anywhere from below a quarter million or over $15 million each, the statement said.
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