Ascent Solar Technologies, Inc., a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company's EnerPlex series of consumer products, announced that it entered into a Stock Purchase Agreement (SPA) on April 9, 2015 with existing stockholder TFG Radiant Investment Group (“TFG Radiant”) for $1.0 million of common stock. The transaction closed on April 17, 2015.

 

The transaction was priced at a fixed per share price of $1.00 and the Company has issued 1,000,000 restricted shares to TFG Radiant. The shares will become unrestricted one year from the closing date.

 

With this investment, TFG Radiant’s ownership in the Company has increased to approximately 17.0% of the outstanding common stock subsequent to the closing.

 

Dr. Amit Kumar, Chairman of Ascent Solar, stated, “TFG Radiant has been very supportive of the company, and we appreciate their continued enthusiasm and interest in Ascent. Their confidence in our current business direction underscores the future prospects for Ascent. We look forward to continuing achieving milestones in product launches, revenue growth and profitable operations.”

 

Winston Xu, Chairman of TFG Radiant, said, “We are more upbeat now than ever with regards to Ascent’s future success and believe this is a good time to increase our ownership stake in the company. Ascent has demonstrated growing sales momentum the last two years and the Company is clearly at an inflection point of its development where a strong foundation has been built to enable accelerating growth in sales. As the largest shareholder of Ascent Solar, TFG Radiant strongly believes in Ascent’s business plan and is firmly committed to the Company and its strategy for growth.”

 

Ascent Solar Technologies, Inc.

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