Ascent Solar announces 1-for-100 reverse stock split

Ascent Solar Technologies announced that effective before market open on August 15, 2024, it will complete a 1-for-100 reverse stock split of its common stock. At Ascent’s 2024 Annual Stockholders Meeting on August 7, 2024, stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-100. Ascent filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective August 14, 2024, at 5:00 p.m. Eastern Time. As a result, every hundred issued shares of common stock will automatically be combined into one share of common stock. As explained in Ascent’s Proxy Statement filed June 20, 2024, the Company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, Ascent expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.