Ascent Solar Technologies Details Financial and Industry Status After Reverse Stock Split
Rhea-AI Summary
Ascent Solar Technologies (ASTI) has announced its positioning within the solar industry following a reverse stock split effective August 15, 2024. CEO Paul Warley stated that this move has better positioned the company for success in both the near and long term. Ascent has secured enough liquidity to continue operations into Q1 2025, allowing them to pursue strategic partnerships and customer engagements in key verticals like space and aerospace.
The company believes its thin-film solar PV technologies offer a viable product for efficient application across multiple high-growth sectors. Ascent has expanded its new business pipeline and achieved significant technological advancements over the past year, which they view as positive factors for potential customers and investors.
Positive
- Secured liquidity to continue operations into Q1 2025
- Expanded new business pipeline
- Achieved significant technological advancements in the past year
- Positioned to pursue strategic partnerships in space and aerospace industries
Negative
- Implemented a reverse stock split, potentially indicating financial challenges
News Market Reaction
On the day this news was published, ASTI declined 20.35%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
THORNTON, Colo., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Ascent Solar Technologies (“Ascent” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today commented on its positioning withing the solar industry after its previously-announced reverse stock split, which takes effect before market open on August 15, 2024.
“By effecting the reverse stock split, we believe we have better positioned the company to succeed moving forward both in the near and long term. We have amassed enough liquidity to continue operations well into the first quarter of 2025, an important factor as we continue to pursue strategic partnerships and customer engagements within key industry verticals including space and aerospace,” said Paul Warley, CEO of Ascent Solar Technologies.
“As interest in solar technologies continue to grow throughout the space and aerospace industries, we believe Ascent’s thin-film solar PV technologies present a highly viable product offering that is ready for efficient application across multiple high-growth verticals. We have continued to expand our new business pipeline, while also achieving dramatic advancements in in our technology over the last year – both of which we see as positives for potential customers, as well as our current and prospective investors.”
About Ascent Solar Technologies, Inc.
Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.
Media Contact
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com
FAQ
When will Ascent Solar Technologies' (ASTI) reverse stock split take effect?
What industries is Ascent Solar Technologies (ASTI) targeting for growth?
How long can Ascent Solar Technologies (ASTI) continue operations with current liquidity?
What type of solar technology does Ascent Solar Technologies (ASTI) specialize in?
