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ASTI > SEC Filings for ASTI > Form 8-K on 28-Oct-2013All Recent SEC Filings




Unregistered Sale of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities

As previously disclosed, pursuant to a Securities Purchase Agreement with Seow Seng Wei (a high net worth individual investor) dated June 17, 2013, Ascent Solar Technologies, Inc., a Delaware corporation (the "Company") previously issued to Mr. Seow in a private placement (i) 750,000 shares of convertible redeemable Series A Preferred Stock ("Series A Preferred Stock") at a price of $8.00 per share and (ii) warrants (the "Warrants") to purchase up to 2,625,000 shares of common stock of the Company (the "Common Stock"). The Series A Preferred Stock is convertible into Common Stock at a conversion price of $0.80 per share. The Warrants have a three-year term and an exercise price of $0.90 per share. The Company previously received gross proceeds of $6,000,000 from this private placement.
During September and October 2013, Mr. Seow converted a total of 387,610 shares of Series A Preferred Stock. Upon such conversion, the Company issued to Mr. Seow a total 4,897,872 shares of Common Stock in accordance with the terms of the Series A Preferred Stock.
3,876,100 of such shares were issued in accordance with the applicable 1-for-10 conversion ratio. 1,021,772 of such shares were issued in payment (in lieu of cash) of the accrued dividend and make-whole amounts applicable to the Series A Preferred Stock.
The Company did not receive any additional proceeds in connection with the conversion transactions.
All of the shares of Common Stock described in this Current Report on Form 8-K were offered and sold in reliance upon the exemption from registration pursuant to Section 3(a)(9) under the Securities Act of 1933, as amended ("Securities Act").

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