Stocks: ASTID

Ascent Solar raises further US$7 million to keep afloat

The loss-making company ended the third quarter of 2015 with cash and cash equivalents of only US$619,000.

Flexible CIGS thin-film consumer product producer Ascent Solar Technologies has raised US$7 million through a Series F 7% convertible preferred stock placement with existing investor, Redwood Management LLC.

The loss-making company ended the third quarter of 2015 with cash and cash equivalents of only US$619,000.

Ascent Solar noted in an SEC filing related to the share issue that it did not expect to be cash positive in 2016 and would not expect sales revenue levels and cash flows to be sufficient to support its operations and cash requirements until its consumer business product strategy had been successful. 

The company warned that additional capital would be needed in order to continue its current level of operations throughout 2016.

Tags: flexible cigs thin-film

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