ASTI - Ascent Solar Technologies secures up to $50M equity-based financing facility

• Photovoltaic solutions provider Ascent Solar Technologies ( NASDAQ: ASTI ) has secured an up to $50M equity-based financing facility from two institutional investors.
• ASTI entered into a securities purchase contract with the investors, as part of which the company issued $12.5M in convertible advance notes in a registered direct offering for $11.25M in cash and an additional $2.5M convertible advance notes in a concurrent private placement transaction for $2.25M in cash.
• The company also issued warrants to purchase up to 2,513,405 shares. The convertible advance notes issued under the facility will bear interest at a rate of 4.5% per annum.
• The net proceeds are intended to be used to pay fees and expenses related to the financing and for working capital and other general corporate purposes.
• Source: Press Release

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