THORNTON, Colo., Oct. 12, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, (Nasdaq: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, and durable CIGS thin-film photovoltaic (PV) solutions, announced today that following the application of the proceeds of the Company's recent public offering, the Company's remaining outstanding debt has been reduced to $1.7M.
The paydown aligns with leadership’s commitment to reduce leverage as it executes its strategy to increase the efficiency of its thin-film PV module and commercialize its technology with the goal of achieving profitability. Ascent’s Board of Directors and Chief Executive Officer Paul Warley collectively invested $380,000 in the recent offering.
“Ascent is not just greatly reducing its debt, we are reaffirming our belief in our team, vision and the high-growth market opportunity before us,” said Paul Warley, CEO at Ascent Solar. “We have recently achieved remarkable efficiency gains that serve as differentiators between Ascent and other thin-film solar manufacturers in the market. We are confident that this innovation, coupled with our existing and prospective customer base, positions us well for commercial adoption and ultimately revenue growth. Our recent stock offering and the investments from our leadership signify our unwavering commitment to Ascent’s success and the limitless potential of CIGS thin-film photovoltaic solutions.”
ABOUT ASCENT SOLAR TECHNOLOGIES, INC.
Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.
MEDIA CONTACT
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com
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