Ascent Solar Technologies Announces Reverse Stock Split
13 Agosto 2024 - 10:45AM
Ascent Solar Technologies, Inc. (“Ascent” 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 August 15, 2024, it will complete a 1-for-100 reverse stock
split of its common stock.
At Ascent’s 2024 Annual Stockholders Meeting on August 7, 2024,
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-100. Ascent filed an amendment to its Certificate of
Incorporation with the Secretary of State in Delaware effective
August 14, 2024, at 5:00 p.m. Eastern Time. As a result, every
hundred issued shares of common stock will automatically be
combined into one share of common stock.
As explained in Ascent’s Proxy Statement filed June 20, 2024,
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, Ascent 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 (043635804) and are expected to begin trading on a
split-adjusted basis on Thursday, August 15, 2024.
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 100 shares will receive one share of
stock.
The reverse stock split will also apply to Ascent’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-100 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.
Ascent expects to have its issued and outstanding common shares
decrease from approximately 102 million pre-split shares to
approximately 1.02 million 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
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 HerrmannFischTank PRascent@fischtankpr.com
Ascent Solar Technologies (NASDAQ:ASTI)
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