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Ascent Solar Reaches Amendment Agreement With Senior Secured Convertible Note Holder; Agreement Moves Company One Step Forward to Fully Retiring All Outstanding Senior Secured Debt

THORNTON, CO--(Marketwired - Nov 23, 2015) - Ascent Solar Technologies, Inc. (NASDAQ: 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, announced today that the Company has reached an amendment agreement ("Agreement") with its existing senior secured note holder ("Note Holder") to further restructure the outstanding senior secured convertible notes ("Outstanding Notes").

Pursuant to the Agreement, the Company has now agreed to (i) make a cash payment of $1.0 million to the Note Holder on December 21, 2015 in lieu of the original payable amount of $2.8 million, and (ii) reinstate the $1.8 million portion of the Outstanding Notes with substantially all of its current and existing conversion rights and terms ("Reinstated Notes"). As part of the amendment, the Note Holder has agreed to waive the true-up provision contained in such Reinstated Notes. Hence, the Company will not be required to issue any additional shares of common stock after any portions of the Reinstated Notes are converted at the applicable conversion price.

The Note Holder has also agreed to release, as of January 15, 2016, the security interest on the accounts receivable of the Company that constituted a portion of the collateral...


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