Ascent Solar Technologies Inc. has issued two exchange notes with principal amounts of $160,000 and $150,000 to Baybridge Capital Fund LP.
In exchange, Baybridge has surrendered two promissory notes with outstanding principal balances, plus accrued interest, of $123,816.67 and $127,280.00, according to a filing.
The interest on both exchange notes is 12%, which may increase to 18% in case of default. Both securities mature on March 11, 2020.
Additionally, the company issued a $60,000 nonconvertible promissory note and has received $50,000 in gross proceeds from the offering.
The nonconvertible promissory note bears an interest rate of 12% and matures Sept. 11.