Ascent Solar Technologies Announces Reverse Stock Split
THORNTON, Colo., Aug. 13, 2024 (GLOBE NEWSWIRE) -- (“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 announced that effective before market open on August 15, 2024, it will complete a 1-for-100 reverse stock split of its common stock.
At Ascent’s 2024 Annual Stockholders Meeting on August 7, 2024, stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-100. Ascent filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective August 14, 2024, at 5:00 p.m. Eastern Time. As a result, every hundred issued shares of common stock will automatically be combined into one share of common stock.
As explained in Ascent’s Proxy Statement filed June 20, 2024, the Company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, Ascent expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.
Shares of the Company’s common stock will be assigned a new CUSIP number (043635804) and are expected to begin trading on a split-adjusted basis on Thursday, August 15, 2024.
The reverse stock split will not change the authorized number of shares of the Company’s common stock. No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Therefore, stockholders with less than 100 shares will receive one share of stock.
The reverse stock split will also apply to Ascent’s common stock issuable upon the exercise of its outstanding warrants, stock options and restricted stock units, with proportionate adjustments to be made to the exercise prices thereof and under the Company’s equity incentive plans.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-100 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent's transfer agent, Computershare, with specific instructions regarding the exchange of shares.
Ascent expects to have its issued and outstanding common shares decrease from approximately 102 million pre-split shares to approximately 1.02 million post-split shares outstanding as a result of the reverse stock split.
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
Forward-Looking Statements
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