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ASCENT SOLAR TECHNOLOGIES, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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07/12/2019 | 06:06am EDT

Item 1.01 Entry into a Material Definitive Agreement.

Offering of Unsecured Non-Convertible Note

On July 8, 2019, Ascent Solar Technologies, Inc., a Delaware corporation (the "Company"), issued to Baybridge Capital Fund, L.P. ("Investor") a $125,000 aggregate principal amount non-convertible promissory note ("Note").

The Company has received $100,000 of gross proceeds from the offering of the Note.

Terms of Note

The aggregate principal amount of the Note (together with accrued interest) will mature on January 8, 2020.

The Note bears interest at a rate of 12% per annum. The interest rate increases to 18% in the event of a default under the Note.

The Note contains standard and customary events of default including but not limited to: (i) failure to make payments when due under the Note, and (ii) bankruptcy or insolvency of the Company.

* * * * * *

The foregoing description of the Note is a summary and is qualified in its entirety by reference to the document attached hereto as Exhibit 10.1, which document is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. Item 3.02 Unregistered Sales of Equity Securities.

All of the securities described in this Current Report on Form 8-K were or will be offered and sold in reliance upon exemptions from registration pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended ("Securities Act"), and Rule 506 of Regulation D promulgated thereunder. The offerings were made to "accredited investors" (as defined by Rule 501 under the Securities Act).

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Item 9.01 Financial Statements and Exhibits.


(d) Exhibits
    Exhibit
    Number                          Description

    10.1         Non-Convertible Promissory Note Dated July 8, 2019

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© Edgar Online, source Glimpses

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