ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI) Files An 8-K Entry into a Material Definitive Agreement

ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI) Files An 8-K Entry into a Material Definitive Agreement

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Item 1.01 Entry into a Material Definitive Agreement.

Entry into Forbearance and Settlement Agreement
On May 5, 2017, the Company entered into a Forbearance and
Settlement Agreement with a holder of certain secured convertible
notes that are in default due to various triggering events. The
holder and the Company agreed to forbear from taking any action
provided for under the secured convertible notes in exchange for
the terms provided in this agreement.
Terms of the Agreement
The Company agrees to redeem for cash all secured convertible
notes of the Company held by the holder no later than September
1, 2017.
The Company affirms that the current balance of owed principal
and accrued and unpaid interest to the holder is $1,790,213.91 as
of May 2, 2017.
The redemption price for such secured convertible notes shall be
120% (if redeemed on or prior to August 15, 2017) or 125% (if
redeemed after August 15, 2017) of the then outstanding
principal, plus any accrued and unpaid interest.
During the month of May 2017, the Holder agrees to limit its
conversions of outstanding Company secured convertible notes to
$50,000 per calendar week of principal/interest.
During the months of June, July and August 2017, the holder
agrees to limit its conversions of outstanding Company secured
convertible notes to $75,000 per calendar week of
principal/interest.
During the months of May, June, July and August 2017, the holder
agrees that all outstanding Company secured convertible notes
shall bear interest at the normal stated, rather than default,
interest rate.
All conversions during the months of May, June, July and August
2017 will be at the triggering event discount conversion price as
stated in the secured convertible notes, and will continue at the
triggering event discount price until, if and when the notes are
redeemed.
Should the Company fail to redeem for cash all secured
convertible notes on or before September 1, 2017, default
interest and normal stated interest will accrue from the date of
execution of this agreement.
Offering of Unsecured Non-Convertible Notes
On May 8, 2017, the Company issued a $125,000 note to one
accredited investor in exchange for $125,000 of gross proceeds.
This investor note (i) will mature September 8, 2017 and (ii)
will bear interest at a rate of 12% per annum. Principal and
interest on this note are payable at maturity. This note is not
convertible into equity shares of the Company. This note is
unsecured.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in the last paragraph of Item 1.01 of
this Current Report on Form 8-K is incorporated herein by
reference.
Item 3.02 Unregistered Sales of Equity Securities.
All of the securities described in the last paragraph of Item
1.01 of this Current Report on Form 8-K were or will be offered
and sold in reliance upon exemptions from registration to 4(a)(2)
under the Securities Act of 1933, as amended (Securities Act),
and Rule 506 of Regulation D promulgated thereunder. The offering
was made to accredited investors (as defined by Rule 501 under
the Securities Act).
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibits are filed with this report:
Exhibit Number
Description
10.1
Forbearance and Settlement Agreement dated May 5, 2017.
10.2
Note dated May 8, 2017


About ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI)

Ascent Solar Technologies, Inc. is engaged in commercializing flexible photovoltaic (PV) modules using its technology. The Company’s manufacturing process deposits multiple layers of materials, including a thin film of copper-indium-gallium-diselenide (CIGS) semiconductor material, on a plastic substrate using a roll-to-roll manufacturing process and then laser patterns the layers to create interconnected PV cells or PV modules, in a process known as monolithic integration. The Company is producing consumer oriented products focusing on charging devices powered by its solar modules. It manufactures its products by affixing a thin CIGS layer to a flexible, plastic substrate using a roll-to-roll process. Its EnerPlex products are available on www.goenerplex.com and a range of third-party e-commerce sites, including www.amazon.com, www.bestbuy.com, www.walmart.com, www.newegg.com, www.frys.com, www.cabelas.com and several others.

ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI) Recent Trading Information

ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI) closed its last trading session up +0.00040 at 0.00090 with shares trading hands.

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