Shares of Ascent Solar Technologies (NASDAQ: ASTI) are down over 13% this morning after the company filed with the SEC Friday to sell common stock worth $80 million.
$80 million doesn’t sound like much on the surface, but this developer of thin-film photovoltaic modules has a mere market cap of $119.5 million. The proceeds are earmarked to be used for development of approximately 30 Megawatts of rated capacity.
The book-runner for the offering is listed as Bear Stearns (BSC), although we’ll have to see how anything related to Bear as un underwriter plays itself out over the coming weeks. Cowen & Co., Jefferies & Co., and Merriman Curhan Ford are listed as the co-managers for the offering.
Ascent’s shares down $1.64 to $10.44 in early morning trading, which is quite a drop even for the size of this offering. Shares closed at $12.07 Friday afternoon, and it has traded between $6.50 and $28.35 over the last 52-weeks.
Jon C. Ogg
March 17, 2008