Ascent Solar Issues Update on Reverse Stock Split Process

Ascent Solar Technologies, Inc., a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions (“Ascent Solar”, “Ascent” or the “Company”), released an update on its previously announced and pending process for a proposed reverse stock split (“Reverse Split”). The Company filed its definitive 14C information statement relating to the Reverse Split with the SEC on November 29, 2021, and such information statement is currently being mailed to the Company’s stockholders.

Under SEC rules, the Reverse Split cannot be implemented before December 20, 2021. The Reverse Split is also subject to regulatory review by FINRA. The Company intends to implement the Reverse Split as soon as possible after the SEC waiting period expires and FINRA approval is received.

The Company’s board and majority stockholders have approved a Reverse Split ratio of between 1-for-1,000 and 1-for-10,000, with the final ratio within such range and the timing of implementation to be determined by the board in its sole discretion.

Subject to market conditions, the Company currently anticipates implementing a Reverse Split ratio of 1-for-5,000. The Company will not issue any fractional shares in connection with the Reverse Split. Any fractional shares result from the Reverse Split in a stockholder’s account will be rounded up to the nearest whole share. At a 1-for-5,000 Reverse Split ratio, for example, all stockholders holding less than 5,000 pre-split shares would be automatically rounded up to 1 post-Reverse Split share.

Prior to implementation of the Reverse Split, the Company will be providing stockholders and the trading markets additional information about the final terms, timing and mechanics of the Reverse Split.

Management strongly believes that the Reverse Split is essential to continuing the Company’s turnaround process and will support Ascent’s intended path back to the Nasdaq Capital Market, which will provide broader market participation with possibilities amongst institutional investors.

“The Reverse Split is a necessary step as we continue to rebuild the Company,” said Victor Lee, President and CEO of Ascent Solar Technologies. “This will better align Ascent’s capital structure with that of other similar companies of our size, ambitions and scope.”