Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a leading photovoltaic modules manufacturer, announced that it had finally settled the pending cash of senior secured convertible notes based on the agreement that took place on November 23, 2015. Reports claim that the total principal amount of outstanding notes has come down to $52000 after this settlement.
Going forward, Ascent Solar Technologies expects this amount to retire or converted in the near future.
Management Call
The senior management team of the company is delighted to announce this retirement and hopes that this initiative will lead to a balanced capital structure in the future. According to Victor Lee, CEO & President, Ascent Solar Technologies, it’s great to settle this portion of outstanding notes successfully as per the schedule.
Ascent Solar had announced debt restructuring back in September 2015, and this transaction validates the successful execution of its plans in the desired manner.
With the retirement of outstanding notes, the company is on its way to agree on more favorable terms in the new year with its new funding partner. Not only will it enhance financial flexibility, but also result in better relations with funding partners.
Lee thanked all the shareholders for their patience and continuous support throughout this procedure. He promised them that Ascent Solar would try its best to come up with products that can live up to everyone’s expectations in the best possible way.
New Patent Rights
Meanwhile, Ascent Solar Technologies was issued new patent rights that it had applied for a few months ago. Company’s Founder and CTO, Dr. Joseph Armstrong, stated that in line with the US patent 9,209,322 that was issued recently and other pending applications, it received intellectual property rights for improved process and performance.
Board of Directors of Ascent Solar Technologies is delighted to share this news and hopes to come up with many more such initiatives in the future to ensure that it can serve all the customers and shareholders in a hassle-free way.
