Ascent Solar Closes Initial $5M Tranche of $10M Registered Direct Financing with Ironridge Technology

Ascent Solar Technologies

, announced today the closing of initial $5 million tranche as part of an agreement to raise $10 million through a registered direct offering with institutional investor Ironridge Technology Co., a division of Ironridge Global IV LTD. In the transaction, the Company will issue up to $10 million of Series B convertible preferred stock in two tranches. The second tranche of $5 million is expected to close in late 2013 or the early part of 2014. The second tranche preferred stock will be convertible into shares of common stock at a fixed conversion