Ascent Solar Technologies Inc. (NASDAQ: ASTI) has priced an underwritten public secondary offering of shares. The solar company is selling 9,166,700 shares of common stock at $1.20 per share. This offering matters because shares closed yesterday at $1.68 against a 52-week trading range of $0.36 to $2.31.
The gross proceeds raised from the secondary offering will be approximately $11.0 million before backing out the underwriting discount and expenses.
Aegis Capital is acting as the sole book-running manager for this offering. Ascent has granted the underwriter a 45-day option to purchase up to an aggregate of 1,375,005 additional shares of common stock at the public offering price to cover overallotments.
Solar companies have been rather battered and are no longer in favor, so any time you see a secondary offering in this sector it is worth looking into.
Ascent is still basically a development stage solar company as its sales were only $155,000 in the June quarter. Shares were just above $2.00 in recent days before the secondary offering was filed.
JON C. OGG