Ascent Solar Technologies Inc. (OTCMKTS:ASTI) jumped 10% and 28% in a week. The company announced the signing is a funding agreement with the investment holding unit of the German majority shareholders of the company, BD 1 Investment Holding LLC. Ascent Solar entered a securities purchase agreement with BD 1 on August 2, 2021, to sell 66.67 million shares of its common stock at the current market price of $0.015 per share. In return, the company could receive $10MM in new funding.
According to the securities purchase agreement terms, BD 1 will finalize the transaction in two tranches. The first $5MM tranche is set to close before or on August 31, 2021, with the second expected before or on October 31, 2021, within five days after the effective date.
Ascent Solar CEO Victor Lee said that the new funding deal is a vote of confidence from the controlling shareholders to the company’s recapitalization and restructuring initiative since the beginning of last year. Therefore, ASTI is worth watching.