THORNTON, CO, Jan. 28, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Ascent Solar Technologies, Inc. ("Ascent Solar" or the "Company") (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions, today announced a 1-for-5,000 reverse stock split of the Company's common stock to become effective at 5 p.m., Eastern Time, on January 28, 2022. The Company has filed an amendment to its Certificate of Incorporation with the Delaware Secretary of State to effect such reverse stock split at that time.
The Company's common stock is expected to commence trading, at market open, on a post-reverse stock split basis on January 31, 2022. Ascent Solar's common stock will continue to trade on the OTC Market following the reverse stock split under the temporary symbol "ASTID." The symbol will revert to "ASTI" in 20 business days. A new CUSIP number will be issued to Ascent Solar's common stock after the reverse stock split becomes effective.
As a result of the reverse stock split, every 5,000 shares of the Company's common stock issued and outstanding at the effective time will automatically be combined into one issued and outstanding share without any change in the par value of those shares. In lieu of issuing fractional shares, the Company will round fractions of shares up to the nearest whole share.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-5,000 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent's transfer agent, Computershare, with specific instructions regarding the exchange of shares.
The Company expects to have its issued and outstanding common shares decrease from approximately 23.74 billion pre-split shares to about 4.81 million post-split shares outstanding as a result of the reverse stock split. In connection with the reverse stock split effectiveness, the number of authorized shares of the Company's common stock will decrease from 30 billion to 500 million common shares.
The amount of the Company's outstanding convertible notes and outstanding convertible preferred stock will not be affected by the reverse stock split. However, the number of shares of common stock into which the outstanding convertible notes and outstanding convertible preferred stock is convertible will be adjusted proportionately as a result of the reverse stock split.
As previously announced, in November 2021 the Company's board and stockholders approved a reverse stock split at a ratio in the range of one-for-1,000 to one-for-10,000. In January 2022, the Company's board subsequently approved the final reverse stock split ratio of one-for-5,000.
ABOUT ASCENT SOLAR TECHNOLOGIES, INC.:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado, and more information can be found at www.AscentSolar.com.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.
Ascent Solar Technologies
Investor Relations: IR@AscentSolar.com
