Nov. 17 (Bloomberg) — Ascent Solar Technologies Inc., a
maker of solar-powered phone chargers and backpacks, is raising
$35 million by selling convertible debt to an institutional
investor.
Ascent will issue $32 million in senior secured convertible
notes and $3 million in convertible preferred stock, as well as
warrants to purchase shares of its common stock, Thornton,
Colorado-based Ascent said today in a statement that didn’t
identify the buyer.
The company will use the proceeds to fund its operations
and to expand retail channels for its products, which include
solar-powered charging cases for Apple Inc.’s iPhone and Samsung
Electronics Co.’s Galaxy smartphone.
Ascent expects to receive $4.5 million at the close of the
offering, which is expected by Nov. 21, and additional payments
in regular installments.
To contact the reporter on this story:
Ehren Goossens in New York at
egoossens1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade