Ascent Solar Technologies Inc. (OTCMKTS:ASTI) fell 37% in the last trading session. The lightweight and flexible thin-film photovoltaic solution developer has announced the commencement of a process for the proposed reverse stock split.
Trading Data
On Thursday, ASTI stock moved down 36.92% at $0.0082 with more than 491.87 million shares, compared to its average volume of 35.66 million shares. The stock has moved within a range of $0.0078 – 0.0114 after opening the trade at $0.0113.
Initiates Process to Allow for Nasdaq Up-listing, Additional Capital and Operational Efficiencies
The reverse share split is part of the company’s wider plans to position itself for enhanced growth, including the venture up-listing into the Nasqad Capital Market. Ascent Solar’s board approved in November a reverse split of 1-for-10,000 and 1-for-1,000 with the final ratio expected to be within the range and implementation timing that the board will determine at its discretion.
It is vital to note that the proposed reverse share split will be subject to regulatory approval by FINRA and the SEC. Should the proposal be implemented,Ascent anticipates the Reverse Split to become effective towards the end of 2021. After the stock split is finalized, the company plans to apply for Nasdaq Capital Market uplisting subject to meeting Nasdaq listing requirements and approval. So, in the coming months, ASTI is worth watching.
Key Quote
“The Reverse Split is a necessary step as we continue to rebuild the Company,” said Victor Lee, President and CEO of Ascent Solar Technologies. “This will better align Ascent’s capital structure with that of other similar companies of our size, ambitions and scope.”
Technical Data
ASTI stock is trading below the 20-Day and 50-Day Moving averages of $0.0129 and $0.0130 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0231. The stock is down 20% in the past month.
