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Ascent Solar to issue secured convertible promissory note

Ascent Solar Technologies Inc. entered into a note purchase agreement with St. George Investments LLC for the private placement of $575,000 of secured convertible promissory note due May 9, 2019.

The note bears interest at 10% annually and the rate would increase to 22% in the event of a default under the note, according to a May 15 filing.

The company received $300,00 in gross proceeds May 9 and will get an additional $200,000, subject to certain conditions including the execution of a subordination agreement among some of the company's lenders and receipt of consent from its senior lender.

If the conditions will not be met by May 23 and the second funding does not occur, the principal amount of the note will be lowered to $375,000.