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UPDATE 1-Ascent Solar offering priced at discount; shares fall
November 11, 2010 / 4:30 PM / 7 years ago

UPDATE 1-Ascent Solar offering priced at discount; shares fall

* 5.25 mln shares priced at $4.15 apiece

* Offering at 9 pct discount

* To use proceeds to complete FAB2 production plant

* Shares fall to four-week lows

Nov 11 (Reuters) - U.S. photovoltaic module maker Ascent Solar Technologies Inc ASTI.O said its share sale was priced at 9 percent discount to its Wednesday close, dragging its shares down 15 percent to a four-week low on Thursday morning.

The Thornton, Colorado-based company, which on Wednesday said it will commence an underwritten public offering of common stock, is offering 5.25 million shares at $4.15 apiece.

Shares of the company, which have jumped 30 percent since it signed a distribution deal with DisaSolar on Oct. 5, fell to an intraday low of $3.88 before paring some losses to trade down 13 percent at $3.98.

Ascent Solar, which makes thin-film photovoltaic modules that convert sunlight into electricity, said it will use net proceeds from the offering to complete its 30-megawatt FAB2 module manufacturing plant, its second in Colorado.

The company, which also makes building-integrated photovoltaics, said underwriters will have an option to purchase up to 787,500 additional shares from it. Cowen and Company LLC acted as the sole book-running manager for the offering, it said. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Maju Samuel)

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