Ascent Solar Technologies (NASDAQ: ASTI), a developer of thin-film photovoltaic modules, announced that Norsk Hydro ASA, through its subsidiary Norsk Hydro Produksjon AS, has exercised an option to purchase an additional 2,341,897 shares of Ascent Solar common stock and 1,689,905 Class B warrants.
Upon acquiring these additional securities, Hydro will hold approximately 35% of the total outstanding common shares and approximately 35% of the total outstanding Class B warrants of Ascent Solar.
Gross proceeds to the company from the follow-on investment will be approximately $28.4 million, and reflect per share and per warrant purchase prices equal to the average of the closing bids of each security, as reported by Nasdaq, for the five consecutive trading days preceding exercise.
Ascent Solar expects the transaction to close by March 31, 2008.
Ascent Solar President and CEO Matthew Foster said, "We intend to use these proceeds to support expansion of Ascent Solar’s production capacity."
About Ascent Solar Technologies
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules and is located in Littleton, Colorado.
About Hydro
Hydro is a Fortune Global 500 supplier of aluminum and aluminum products. Based in Norway, the company employs 25,000 people in more than 30 countries and has activities on all continents. (http://www.hydro.com/en/)
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