ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
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.
notes of the Company held by the holder no later than September
1, 2017.
and accrued and unpaid interest to the holder is $1,790,213.91 as
of May 2, 2017.
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.
conversions of outstanding Company secured convertible notes to
$50,000 per calendar week of principal/interest.
agrees to limit its conversions of outstanding Company secured
convertible notes to $75,000 per calendar week of
principal/interest.
agrees that all outstanding Company secured convertible notes
shall bear interest at the normal stated, rather than default,
interest rate.
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.
convertible notes on or before September 1, 2017, default
interest and normal stated interest will accrue from the date of
execution of this agreement.
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.
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
this Current Report on Form 8-K is incorporated herein by
reference.
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).
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Exhibit Number
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Description
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10.1
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Forbearance and Settlement Agreement dated May 5, 2017.
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10.2
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Note dated May 8, 2017
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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.
