Flexible CIGS thin-film specialist, Ascent Solar is to issue shares to its largest investor, TFG Radiant Investment Group, as well as Series A investor, Seng Wei Seow, for a total of US$8 million.
As a result, TFG Radiant’s ownership in Ascent Solar would increase from an 18.3% share to 26.2%, according to the company. However, recent share issues have reduced TFG Radiant’s holding in Ascent from 41%, earlier in the year. Stockholder approval is required for the transaction.
Winston Xu, chairman of TFG Radiant, said, “We feel more upbeat now than ever before with regards to Ascent’s future success. Ascent has demonstrated growing sales momentum quarter after quarter. We feel strongly that the company is at an inflection point of its development, and we believe the foundation has been built to enable increasing growth in sales. As the largest shareholder of Ascent Solar, TFG Radiant strongly believes in Ascent’s business plan, and is firmly committed to the company’s strategy for growth. Ascent’s game changing technology is truly unique in the industry and the broad array of products launched and soon to be launched will underscore this point.”
Ascent Solar recently conducted a one-for-ten reverse stock split of its shares on NASDAQ after its shares continued to trade under the US$1.0 ruling for most of the year and avoid delisting notification. Ascent Solar's share price has since risen to around US$3.0.
The company also raised US$3.96 million in August from an Asian-based investor.