Ascent Solar Technologies, Inc. (ASTI) announced that it plans to start an underwritten public offering of 4 million shares of its common stock, pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission.
Ascent Solar expects to grant the underwriters a 30-day option to purchase 600 thousand additional shares of common stock from Ascent Solar.
The company plans to use the net proceeds from the offering for expansion of Ascent Solar's rated production capacity and for general corporate purposes.
Barclays Capital Inc. is the sole book-running manager of the offering.
Ascent Solar also announced that Norsk Hydro Produksjon AS, its largest shareholder, has committed to purchase about $5 million of its common stock in a private placement of shares to occur concurrently with the closing of the public offering, at a price per share equal to the public offering price.
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