KRKR - Why Is Ascent Solar (ASTI) Stock Up 11% Today?
2024-06-21 11:23:22 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Ascent Solar (NASDAQ: ASTI ) stock is up on Friday after the solar technology company announced the payoff of its debts .
This is in connection to convertible notes that were issued to institutional investors on Dec. 19, 2022. Ascent Solar says that it has completely paid off the remaining institutional investor’s notes.
According to Ascent Solar, this covers all of the liabilities it has to this investor under that equity agreement. As such, the company says that it no longer has any obligations remaining from that agreement.
What This Means for ASTI Stock
With the paying off of these debts, Ascent Solar puts itself in a much better financial position. That’s good news for the company and investors in ASTI stock. It’s likely this is boosting the morale of investors in the company today.
With today’s news also comes heavy trading of ASTI stock as investors buy the shares. This has more than 104 million shares of ASTI changing hands as of this writing. That’s well above its daily average trading volume of about 22 million shares.
ASTI stock is up 11.4% as of Friday morning. However, the shares are still down 85.8% since the start of the year.
Investors who are seeking out even more of the most recent stock market stories are in luck!
We have all of the hottest stock market news traders need to know about on Friday! A few examples include what’s going on with shares of 36Kr (NASDAQ: KRKR ), Chipotle (NYSE: CMG ) and Sarepta Therapeutics (NASDAQ: SRPT ) stock this morning. You can catch up on all of these matters at the following links!
More Friday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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