Ascent Solar To Issue Approx. 333.33 Mln Shares Of Restricted Stock To TFG

(RTTNews) - Ascent Solar Technologies Inc. (ASTI, ASTIU) announced the company has entered into a Security Purchase Agreement with Tertius Financial Group Pte. Ltd., a Singapore based entity controlled and 50% owned by Ascent's CEO, Victor Lee. Ascent Solar will issue approximately 333.33 million shares of restricted Common Stock in exchange for TFG canceling its Promissory Note of $600K (plus accrued interest of approximately $4,340) that was issued by the company to TFG on December 6, 2016.

The new ownership by TFG represents approximately 24% of the outstanding shares of common stock of Ascent Solar on a post transaction basis.