TFG Radiant Investment Group to Buy $1 million in Ascent Solar Technologies Inc.
Written By: Tracy Dawson Roses
June 10, 2015
On June 10, TFG Radiant Investment Group entered into a Stock Purchase Agreement (SPA), to buy a 1 million shares of restricted common stock for $1 million in Ascent Solar Technologies, Inc. a developer of flexible thin-film photovoltaic modules. TFG Radiant Investment Group is the Ascent’s largest stockholder, The transaction is expected to close on or before July 17, 2015.
The transaction was priced at a fixed per share price of $1.00 or approximately a 43% premium above the closing price on June 9, 2015. On completion, the Company will issue 1,000,000 restricted shares to TFG Radiant, which shares will be subjected to one year trading restriction from the closing date. With this additional investment, TFG Radiant’s ownership in the Company will be approximately 17.0% of the outstanding common stock subsequent to the closing.
Dr. Amit Kumar, Chairman of Ascent Solar, stated,
“TFG Radiant continues to be very supportive of the company, and we appreciate their continued belief and interest in Ascent. Their confidence in our current business direction underscores the future prospects for Ascent. We look forward to continued achievement of milestones in product launches, revenue growth and profitable operations.”