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.
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