In addition, the approval, obtained at the June 15, 2007 annual shareholders meeting, enables Hydro to immediately purchase up to 23% of Ascent Solar’s outstanding Class A and Class B public warrants.
In May, Ascent Solar announced that it would redeem its outstanding Class A public warrants beginning June 25, 2007. All outstanding Class A public warrants that are not exercised before that date will be subject to redemption.
If Hydro exercises its option on or after June 25, 2007, it will be entitled to purchase shares of common stock in lieu of the Class A warrants it would have obtained in the absence of the redemption. Beginning in December 2007, Hydro may increase its equity stake to up to 35% by exercising an option to purchase additional shares of common stock and Class B warrants.
Ascent Solar president and CEO Matthew Foster said: The Hydro building systems product brands are world-class and provide a perfect match for integrating our thin-film photovoltaic (PV). We are pleased to announce that Hydro and Ascent Solar have already initiated the joint development of a new building integrated PV product line, and we look forward to additional opportunities as our strategic relationship matures.
We believe that Ascent Solar’s unique thin-film products have the potential to serve as a key component in Hydro’s solar and building systems lines of businesses, added Einar Glomnes, head of Hydro’s solar division.
