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
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
