(Update) Having started production of its monolithically integrated flexible thin-film CIGS modules in May, Ascent Solar is attempting to gain further funding via a common stock offering to ramp its FAB2 production plant in Colorado to a capacity of 30MW. The company will offer 5.25 million shares at $4.15 per share to the public.
Ascent has granted the underwriters a 30-day option to purchase up to 787,500 additional shares of common stock from the company. The net proceeds from the offering are expected to be approximately $20.25 million, after deducting the underwriting discount and estimated offering expenses payable by Ascent. The offering is expected to settle and close on Nov. 16 subject to customary closing conditions.
Cowen and Company is acting as the sole lead underwriter, and Rodman & Renshaw and ThinkEquity LLC are acting as comanagers in this offering.