Ascent Solar Technologies, Inc. Announces Reverse Stock Split

THORNTON, Colo., Sept. 11, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced that effective before market open on September 12, 2023, it will complete a 1-for-200 reverse stock split of its common stock.

On June 26, 2023, ASTI’s majority stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-200. ASTI filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective September 11, 2023, at 5:00 p.m. Eastern Time. As a result, every two hundred issued shares of common stock will automatically be combined into one share of common stock.

As explained in ASTI’s Information Statement filed July 28, 2023, the Company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, ASTI expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.

Shares of the Company’s common stock will be assigned a new CUSIP number (043635705) and are expected to begin trading on a split-adjusted basis on Tuesday, September 12, 2023.

The reverse stock split will not change the authorized number of shares of the Company’s common stock. No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Therefore, stockholders with less than 200 shares will receive one share of stock.

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.

The reverse stock split will also apply to the Company’s common stock issuable upon the exercise of its outstanding warrants, stock options and restricted stock units, with proportionate adjustments to be made to the exercise prices thereof and under the Company’s equity incentive plans.