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Ascent Solar (ASTI) plans Nasdaq return after delisting

By Kevin Donovan

20:14, 15 March 2022

Ascent Solar screen on cell phone
Ascent Solar screen on cell phone - Photo: Shutterstock

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.

Ascent Solar panels on aircraftAscent’s solar modules can be integrated into drones, UAVs, and high-altitude airships - Photo: Ascent Solar Technologies Inc.

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.

Ascent Solar Technologies Inc. (OTCPK: ASTI) 1 Oct. 2020 - 15 Mar. 2022Ascent Solar Technologies Inc. (OTCPK: ASTI) 1 Oct. 2020 - 15 Mar. 2022 - Photo: Koyfin

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.

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Flexible thin-film solar panels

Ascent Solar solar panels on backpackAscent Solar solar panels on backpack - Photo: Ascent Solar Technologies Inc.

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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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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