THORNTON, Colo., Sept. 11, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced that effective before market open on September 12, 2023, it will complete a 1-for-200 reverse stock split of its common stock.
On June 26, 2023, ASTI’s majority stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-200. ASTI filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective September 11, 2023, at 5:00 p.m. Eastern Time. As a result, every two hundred issued shares of common stock will automatically be combined into one share of common stock.
As explained in ASTI’s Information Statement filed July 28, 2023, the Company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, ASTI expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.
Shares of the Company’s common stock will be assigned a new CUSIP number (043635705) and are expected to begin trading on a split-adjusted basis on Tuesday, September 12, 2023.
The reverse stock split will not change the authorized number of shares of the Company’s common stock. No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Therefore, stockholders with less than 200 shares will receive one share of stock.
The amount of the Company’s outstanding convertible notes and outstanding convertible preferred stock will not be affected by the reverse stock split. However, the number of shares of common stock into which the outstanding convertible notes and outstanding convertible preferred stock is convertible will be adjusted proportionately as a result of the reverse stock split.
The reverse stock split will also apply to the Company’s common stock issuable upon the exercise of its outstanding warrants, stock options and restricted stock units, with proportionate adjustments to be made to the exercise prices thereof and under the Company’s equity incentive plans.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-200 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent's transfer agent, Computershare, with specific instructions regarding the exchange of shares.
The Company expects to have its issued and outstanding common shares decrease from approximately 92 million pre-split shares to approximately 500,000 post-split shares outstanding as a result of the reverse stock split.
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
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.
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