The Golden Lounge

[BottomBounce]

$ASTI But the big news from last week was that CEO Victor Lee and an entity he controls agreed to swap debt for restricted stock. Ascent issued 333.33 million shares of Ascent Solar’s restricted Common Stock in exchange for Tertius Financial Group Pte. Ltd. (“TFG”), a Singapore based entity controlled and 50% owned by Ascent’s President & CEO, Victor Lee, canceling its Promissory Note of $600K. This is a big vote of confidence in Ascent and removes the uncertainty of dilution and more shares flooding the market. It certainly looks like the selling pressure is over and that’s a big part of the reason why the stock is climbing up the charts. CEO Victor Lee said:

“TFG has been an investor and shareholder in Ascent Solar, through its affiliate TFG Radiant Investment Group, since August 2011 and has never sold a single share of stock. Over the last 5 years, TFG alone has committed approximately $10M to Ascent. This was done, despite an extremely challenging environment for solar module manufacturers that has resulted in dozens of bankruptcies of other competitive solar companies. Our further commitment today is a strong testament to our belief in the Company, the technology, the staff and the entire management team. More importantly, it underscores our confidence in the strategy and vast potential of Ascent’s ultra-lightweight, monolithically-integrated and flexible thin-film modules. Both I and TFG are committed to the long term success of Ascent Solar.”

Currently trading with a market cap of just $1.5 million, ASTI has turned into a microcap runner overnight as the worst looks to be behind the company. We like what we’re seeing from the company and its CEO Victor Lee. While we have been critical of some of his moves in the past, he certainly believes in ASTI and is putting his money where his mouth is. It’s a big sign of confidence in the company and should reassure Ascent’s shareholder base.

https://www.insiderfinancial.com/ascent-solar-technologies-inc-otcmktsasti-climbing-up-the-charts/119215/