Pursuant to the agreement, the company will issue approximately 333.33 million shares of Ascent Solar’s restricted common stock in exchange for TFG canceling its promissory note of $600,000 (plus accrued interest of approximately $4,340) that was issued by the company to TFG on December 6, 2016. The new ownership by TFG represents approximately 24% of the outstanding shares of common stock of the company on a post-transaction basis.
“TFG has been an investor and shareholder in Ascent Solar, through its affiliate TFG Radiant Investment Group, since August 2011 and has never sold a single share of stock,” Lee, managing difrector of TFG, said. “Over the last five years, TFG alone has committed approximately $10M to Ascent. This was done, despite an extremely challenging environment for solar module manufacturers that has resulted in dozens of bankruptcies of other competitive solar companies. Our further commitment today is a strong testament to our belief in the Company, the technology, the staff and the entire management team. More importantly, it underscores our confidence in the strategy and vast potential of Ascent’s ultra-lightweight, monolithically-integrated and flexible thin-film modules. Both I and TFG are committed to the long term success of Ascent Solar.”