Ascent Solar (ASTI) plans Nasdaq return after delisting
20:14, 15 March 2022
Solar-panel manufacturer Ascent Solar Technologies is uplisting its shares to the Nasdaq exchange from the OTC pink sheets markets, following a two-year Covid-disrupted reorganisation and a 1-for-5,000 reverse stock split.
Ascent Solar is selling 1.12 million shares to raise a potential $10m (£7.67m) in proceeds.
The move represents an Ali-like return to the ring for Ascent Solar, after being delisted from the Nasdaq exchange in 2016 due to share dilution sending the share price under $1. Ascent Solar shares reached a 5 cents per share all-time low in 2017 and was further delisted from the OCTQB Venture Market exchange.
After the balance sheet restructuring, Ascent Solar has boosted its share price to $8.28 as of Tuesday’s pink sheet market close.
Underwriter and share float
H.C. Wainwright is acting as the sole underwriter for the uplisting and subsequent share offering. The underwriter has a 30-day option to purchase an undisclosed number of shares at the offering share price. Ascent Solar has applied to re-list its shares over the Nasdaq exchange under the ticker ‘ASTI’.
After effecting the 1 for 5,000 reverse split, Ascent Solar’s share float decreased from 23.7 billion outstanding shares to a split-adjusted 4.81 million shares outstanding. As a result of the share consolidation, Ascent’s stock price throughout 2021 varies from $37 per share on 4 January 2021 to as high as a split-adjusted $485 per share.
Flexible thin-film solar panels
Thornton, Colorado-based Ascent Solar manufactures flexible thin-film solar panels for the aerospace, consumer, equipment manufacturer and government sectors.
Ascent’s solar panels can be custom designed for voltage needs and are made from copper, indium, gallium and selenide on a plastic substrate.
Ascent dormant in 2020
Ascent Solar reported a $6m net loss in 2021, or $1.54 per share, on $607,783 in revenue, an 812% increase from 2020 revenue when the company was largely dormant.
Ascent Solar was already focused on a recapitalisation plan scheduled for 2020 when Covid-19-related closures forced it to cease operations temporarily. As a result of this dormant status, Ascent’s 2020 revenue declined to $66,613, earning $1.62m in net income.
Cash on hand as of 31 December totalled $5.96m, after a $9.40m negative cash burn in 2021, which was buffered by $18.3m in capital raised in the 2020 and 2021 years, including $15.5m in preferred and common stock sales.
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