ASCENT SOLAR TECHNOLOGIES, INC. (OTCMKTS:ASTI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
Entry into Redemption Agreement
On August 10, 2017, the Company entered into a Redemption Agreement with the holder of certain Preferred Stock.
Terms of the Agreement
The Company agrees to redeem $700,000 face value of Series J-1 Preferred Stock plus accrued dividends of $55,305.55 by issuing 500 million shares of common stock and a warrant to purchase 250 million shares of common stock.
Description of the Warrants
The warrant entitles the holder of the warrant to purchase, in the aggregate, up to 250,000,000 shares of the Company’s common stock. The warrants will be exerciseable, at a fixed exercise price of $0.003, on the issuance date through the first anniversary of the issuance date.
The Warrant may not be exercised if, after giving effect to the exercise, the holder of the Warrant, together with its affiliates, would beneficially own in excess of 9.99% of the outstanding shares of common stock.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 1.01 Unregistered Sales of Equity Securities.
All of the securities described in this Current Report on Form 8-K were or will be offered and sold in reliance upon exemptions from registration to Section 3(a)(9) and 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 1.01Financial Statements and Exhibits.
(d)The following exhibits are filed with this report:
Form of Warrant
Ascent Solar Technologies, Inc. ExhibitEX-10.1 2 bellarinewarrantissuance-0.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1NEITHER THIS WARRANT NOR ANY SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT (TOGETHER,…To view the full exhibit click
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.