With improved second quarter 2017 financial results and a secured note redemption, Ascent Solar Technologies, Inc., (OTCMKTS:ASTI), the developer and manufacturer of state-of-the-art, flexible photovoltaic (PV) solutions, has presented investors with tremendous growth in the month of August. Shares of ASTI have found new support levels at .0016 in the month of August, up significantly from the low of .0004 in June. The recent sale of the EnerPlex Consumer Division was a smart move for the Company, positioning it with less overhead and more favorable equity terms, generating shareholder confidence.
In regard to equity terms, on August 11th, 2017, ASTI announced that a major investor has agreed to surrender 7,000 outstanding shares of Preferred Stock – a face value of $700,000 – through a Redemption Agreement. The agreement allows the Preferred Stock holder to exchange all outstanding series J-1 Preferred Stock with 500 million shares of Common Stock and 250 million warrants to purchase more at a premium exercise price of $0.003. Mr. Victor Lee, President and CEO of ASTI said, “This is a clear demonstration of the Investor’s confidence in, and support for the Company.”
On August 15th, 2017, ASTI announced improved second quarter 2017 financial results. The Company reported a significant reduction in overhead; narrowing its operations loss by 54%, from $17.14M in Q2 of 2016 to $3.25M in 2017. As mentioned above, the improvement was attributed to its discontinuation of traditional retail channels through the sale of EnerPlex. Net loss for the quarter narrowed to $4.72M, an improvement of 57%.
With the disposal of the EnerPlex brand, ASTI will refocus its business model on its core strengths; the aviation, aerospace, and military markets. Mr. Victor Lee stated, “We will continue to sharpen our focus in such areas where Ascent is truly at the forefront of the competition.” Mr. Lee concluded, “We look forward to updating our shareholders as we make continued progress.”
– ASTI has been busy this summer putting its cutting-edge tech on display at the SOCOM TE 17-3 invite-only event. ASTI was 1 of 36 companies invited to the event, and one of three in the solar industry, specifically. The SOCOM TE 17-3 is an invite-only event, presenting the latest tech to the US Department of Defense. One of three solar companies at the event, $ASTI showcased its MilPak 60E, XD12, and XD48 solar blanket at the SOCOM TE 17-3
“We are honored to have been selected to participate in SOCOM’s TE 17-3,” said Joe Kigin.