DayStar Technologies, Inc. (Nasdaq: DSTI), a developer and manufacturer of CIGS Photovoltaic Foil(TM) products, has completed the issuance of new securities in connection with its previously announced restructuring of an outstanding convertible note and a private placement of common stock.
The company closed a previously announced round of financing with several new investors, selling 2,500,000 shares of common stock at a price of $2.00 per share, providing DayStar $5,000,000 in new funding. In connection with this closing, the Company converted the principal and interest on an outstanding convertible note into 3,050,203 shares of common stock. Upon this conversion, the Class B Warrant and all the existing debt covenants have been terminated.
In addition, DayStar has issued to the original note holder a Class A Warrant to purchase 317,394 shares of common stock at a price of $2.00 per share. The issuance of this warrant was required as part of the agreement transferring the note from the original note holder to a new buyer effective January 19, 2007.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is an emerging leader in low cost, high efficiency Photovoltaic Foil(TM) that converts sunlight into energy. The Company manufactures CIGS solar cells, which are deposited on flexible metal foils using production processes adapted from computer component manufacturing. As an alternative to wafer-silicon solar cells, DayStar believes the unique combination of its CIGS solar cell design coupled with proprietary manufacturing processes on flexible metal substrates could substantially lower costs and remove deployment barriers currently limiting large adoption of solar energy.
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