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.
accredited investor in exchange for $400,000 of gross proceeds.
This investor note (i) will mature August 27, 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
all of its intellectual property (consisting primarily of
trademark rights) of its EnerPlex consumer brand name to Sun
Pleasure Co. Ltd (SPCL). SPCL is a Hong Kong based privately held
company which has been a primary supplier to, and contract
manufacturer for, the Company in its EnerPlex consumer products
business. The Company received consideration for the EnerPlex
intellectual property assets of (i) a cash payment of $150,000,
(ii) settlement of existing amounts due from the Company to SPCL
of approximately $1.1 million, and (iii) $100,000 credit to the
Company towards the purchase of SPCL products.
to the EnerPlex brand, the Company will no longer produce or sell
EnerPlex-branded consumer products beyond the sell through of the
Companys existing EnerPlex product inventories. The Company
retains all intellectual property related to its solar
photovoltaic (PV) products and business. Following the EnerPlex
transfer, the Company will focus on its PV products and business.
The Company has agreed to supply PV products to SPCL for
incorporation into EnerPlex branded products that may be
designed, manufactured and marketed by SPCL in the future.
Completion of Acquisition or Disposition of Assets.
Item 1.01 of this Current Report on Form 8-K is incorporated
herein by reference.
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
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).
$400,000 Note dated February 27, 2017
Intellectual Property Disposal Agreement dated as of
January 25, 2017 and effective February 23, 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 down -0.00010 at 0.00300 with shares trading hands.