THORNTON, Colo., April 12, 2024 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. ("Ascent Solar" or the "Company") (NASDAQ:ASTI), a U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced the initial closing its previously announced "best efforts" public offering. 12,629,460 shares of common stock and 9,426,570 Pre-Funded Warrants, representing gross proceeds of $3.09 million before deducting offering expenses, have been sold. The prefunded warrants are immediately exercisable at a price of $0.0001 per share of common stock and only expire when such prefunded warrants are fully exercised. The offering will remain open until the earlier of (i) April 26, 2024; or (ii) such date as the Company determines to terminate the offering. We intend to use the net proceeds from this offering, together with our existing cash, to (i) pay approximately $200,000 to retire an outstanding cash payable related to our secured notes issued in December 2022, (ii) pay $1.8 million to purchase and cancel 2,798,116 warrants with a current exercise price of $1.76 per share that were issued with our secured notes issued in December 2022 that would adjust to 35,277,248 warrants with an exercise price of $0.14 (at an offering price of $0.14 per share), if not purchased and (iii) for general and administration expenses and other general corporate purposes. Dawson James ...