ASTI - Reverse Split 1 for 10. Ascent Solar Technologies, Inc. (ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company’s EnerPlex™ series of consumer products, today announced that its board of directors has approved a one-for-ten reverse stock split of the Company’s common stock to become effective at 5 p.m., Eastern Time, Tuesday, August 26, 2014. The Company will file an amendment to its Certificate of Incorporation on that date as authorized by the stockholders at the Company’s annual meeting held on May 22, 2014. The Company’s common stock is expected to commence trading on a post-reverse stock split basis on Wednesday, August 27, 2014.
Ascent’s common stock will continue to trade on the NASDAQ Capital Market under the symbol “ASTI”. A new CUSIP number will be issued to Ascent’s common stock after the reverse stock split becomes effective. The reverse stock split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market.
As a result of the reverse stock split, every 10 shares of the Company’s common stock issued and outstanding at the effective time will automatically be combined into one issued and outstanding share without any change in the par value of those shares. In lieu of issuing fractional shares, the Company will round fractions of shares up to the nearest whole share.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-10 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent’s transfer agent, Computershare Investor Services, LLC, with specific instructions regarding the exchange of shares.
