# EDGAR Filing Document

**Accession Number:** 0001350102
**File Stem:** 0001213900-23-024238
**Filing Date:** 2023-3
**Character Count:** 21553
**Document Hash:** a75acb264aca3838f08b3affafa6b002
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-024238.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001213900-23-024238

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230329

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ascent Solar Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001350102
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **IRS NUMBER:** 203672603
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32919
- **FILM NUMBER:** 23776921

**BUSINESS ADDRESS:**
- **STREET 1:** 12300 GRANT STREET
- **CITY:** THORNTON
- **STATE:** CO
- **ZIP:** 80241
- **BUSINESS PHONE:** (720) 872-5000

**MAIL ADDRESS:**
- **STREET 1:** 12300 GRANT STREET
- **CITY:** THORNTON
- **STATE:** CO
- **ZIP:** 80241

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 29, 2023**

**ASCENT SOLAR TECHNOLOGIES, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32919** | **20-3672603** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| |
|:---|
| **12300 Grant Street** |
| **Thornton, CO 80241** |
| (Address of principal executive offices) |

---

---

| |
|:---|
| **(720) 872-5000** |
| (Registrant's telephone number, including area code) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common | ASTI | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

As previously disclosed by Ascent Solar Technologies, Inc. (the "Company") in its Current Report on Form 8-K dated [December 20, 2022](https://www.sec.gov/Archives/edgar/data/1350102/000121390022081155/ea170401-8k_ascentsolar.htm), on December 19, 2022, the Company entered into a Securities Purchase Contract (the "Securities Purchase Contract") with two institutional investors (each, an "Investor" and collectively, the "Investors") for the issuance to the Investors of $12,500,000 in aggregate principal amount of Senior Secured Original Issue 10% Discount Convertible Advance Notes pursuant to a direct registered offering (the "Registered Advance Notes") and $2,500,000 in aggregate principal amount of Senior Secured Original Issue 10% Discount Convertible Advance Notes in a concurrent private placement (the "Private Placement Advance Notes" and, together with the Registered Advance Notes, the "Advance Notes").

On March 29, 2023, the Company and each of the Investors entered into a Waiver and Amendment Agreement (the "Amendment") relating to the Securities Purchase Contract and the Advance Notes to waive any event of default arising under Section 2.1 of the Advance Notes relating to the Company's receipt of notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "$1.00 Minimum Bid Price Requirement") for continued listing on The Nasdaq Capital Market (the "Specified Default").

Pursuant to the Amendment, the Company and each of the Investors agreed to waive the Specified Default and further agreed to the amend the Advance Notes to provide that (i) the new "Floor Price" for all purposes of the Advance Notes is $0.20 per share of the Company's common stock, (ii) until the Company regains compliance with the $1.00 Minimum Bid Price Requirement, "Conversion Price" under the Advance Notes will mean the "Alternative Conversion Price" (as defined in the Advance Notes) and (iii) the Company will make certain prepayments of the Advance Notes held by the Investors on the following dates and in the following aggregate cash amounts, at a price equal to 100% of the principal amount of the Advance Notes to be repaid plus accrued and unpaid interest thereon (if any). The Company's failure to comply with the terms of the Amendment would constitute an Event of Default under the Advance Notes.

---

| | |
|:---|:---|
| **Prepayment Date** | **Aggregate<br> Prepayment Amount** |
| April 3, 2023 | $333333.33 |
| April 18, 2023 | $250000.00 |
| May 18, 2023 | $583333.33 |
| June 19, 2023 | $583333.34 |
| July 18, 2023 | $250000.00 |
| **Total** | $**2000000.00** |

---

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the Amendment, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant**

The information contained in Item 1.01 is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| **(d)** | **Exhibits** | |
| <br> **Exhibit**<br> **Number** | <br> **Exhibit**<br> **Number** | <br>**Description** |
| 10.1 | 10.1 | [Waiver and Amendment Agreement, dated as of March 29, 2023](ea175998ex10-1_ascent.htm) |
| 104 | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | ASCENT SOLAR TECHNOLOGIES, INC. | ASCENT SOLAR TECHNOLOGIES, INC. |
| March 29, 2023 | By: | /s/ Paul P. Warley |
|  |  | Name: Paul P. Warley |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

Execution Version

**WAIVER AND AMENDMENT AGREEMENT** 

This Waiver and Amendment Agreement (this "**Agreement**") is entered into as of March 29, 2023, by and among ASCENT SOLAR TECHNOLOGIES, INC. (the "**Company**") and each of the undersigned Purchasers (the "**Consenting Purchasers**").

**Recitals**

**WHEREAS**, the Company and each of the Consenting Purchasers have entered into that certain Securities Purchase Contract, dated as of December 19, 2022 (as may from time to time be amended, modified, supplemented or restated, the "**Securities Purchase Contract**"), pursuant to which the Company has issued to the Purchasers (as defined in the Securities Purchase Contract) certain Advance Notes under and in accordance with the terms of the Securities Purchase Contract.

**WHEREAS**, pursuant to <u>Section 2.1</u> of each of the Advance Notes, the Company's receipt of notice from its Principal Market of non-compliance with a continued listing standard, even if subject to cure, shall constitute an "Event of Default" under and in accordance with the terms of the Advance Notes.

**WHEREAS**, on March 23, 2023, the Company received from the NASDAQ, its Principal Market, a letter indicating that the Company no longer meets the requirement under the NASDAQ Listing Rules of maintaining a minimum bid price of $1 per share (the "**NASDAQ Letter**"), subject to an initial 180 calendar day compliance period in which the Company may regain compliance if the closing bid price of the Company's Common Stock is at least $1 for a minimum of 10 consecutive business days.

**WHEREAS**, the Company has requested, and, in consideration for the agreements and on the terms and conditions set forth herein, the Consenting Purchasers have agreed, to (i) waive any Event of Default arising under <u>Section 2.1</u> of each of the Advance Notes as a result of the Company's receipt of the NASDAQ Letter (and the facts and circumstances underlying the Company's receipt of the NASDAQ Letter) (the "**Specified Default**") and (ii) enter into the amendments to the Advance Notes set forth in this Agreement (the "**Amendments**").

**WHEREAS**, on December 19, 2022, the Company and each of the Purchasers identified on <u>Schedule A</u> and <u>Schedule B</u> hereto, respectively, entered into that certain side letter agreement (the "**TA Letter**") pursuant to which the Company and such Purchasers agreed that the Company would seek to engage a new Transfer Agent in place of Computershare Investor Services, the Transfer Agent as of the Initial Closing Date.

**WHEREAS**, following the Company's and the Purchasers' entry into the TA Letter, the Company and the Purchasers agreed that the Company shall retain Computershare Investor Services as Transfer Agent, and now wish to terminate the TA Letter and all rights and obligations thereunder (the "**TA Letter Termination**").

**WHEREAS**, (i) pursuant to <u>Section 5.5</u> of the Securities Purchase Contract, any provision of the Securities Purchase Contract may be waived, modified, supplemented or amended in a written instrument signed by the Company and the Required Holders and (ii) pursuant to <u>Section 2.2(d)</u> and <u>Section 5.8</u> of each of the Advance Notes, any Event of Default under the Advance Notes may be waived by mutual agreement of the Parties and any provision of the Advance Notes may be waived or amended in a written instrument signed by the Company and the Required Holders.

**WHEREAS**, upon the terms and conditions set forth herein, the Consenting Purchasers, constituting (i) the Required Holders for purposes of the Securities Purchase Contract and (ii) the Required Holders and the Holders for purposes of the Advance Notes, desire to waive the Specified Default and to agree to the Amendments and the TA Side Letter Termination.

**Agreement**

**Now, Therefore,** in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions.** Unless otherwise defined in this Agreement, capitalized terms used herein shall have the meanings ascribed to such terms in the Securities Purchase Contract or the Advance Notes, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Waiver.** Each of the Consenting Purchasers, together constituting the Required Holders and the Holders of each of the Advance Notes, hereby waives the Specified Default and any impacts thereof (the "**Waiver**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Amendments to Advance Notes.** Notwithstanding anything in the Securities Purchase Contract or Advance Notes to the contrary, the Company and each of the Consenting Purchasers hereby agree that, effective as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first sentence of the definition of "Floor Price" in <u>Section 5.12(e)</u> of each of the Advance Notes (including any Advance Notes issued in accordance with the terms of the Securities Purchase Contract after the date hereof) is hereby amended and restated to read:

"<u>Floor Price</u>" means $0.20 per share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until such time as the Company regains compliance with respect to the non-compliance with NASDAQ Listing Rules identified in the NASDAQ Letter, for all purposes of the Advance Notes (other than the definition of "Alternative Conversion Price"), "Conversion Price" shall mean the Alternative Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Within three (3) Business Days after the date hereof (the "**Initial Prepayment Date**") and (ii) on each other prepayment date set forth in the table below (each, an "**Additional Prepayment Date**" and, together with the Initial Prepayment Date, a "**Prepayment Date**"), the Company shall prepay a portion of the outstanding Principal (including any accrued and unpaid interest (if any) thereon) of the Advance Notes held by, as applicable (A) the Purchaser identified on <u>Schedule A</u> hereto and its Affiliates (the "**Schedule A Holders**"), in the aggregate amount set forth under "Schedule A Holders Aggregate Prepayment Amount" with respect to such applicable Prepayment Date in the table below, which prepayment shall be applied ratably to the Advance Notes then held by the Schedule A Holders, and (B) the Purchaser identified on <u>Schedule B</u> hereto and its Affiliates (the "**Schedule B Holders**"), in the aggregate amount set forth under "Schedule B Holders Aggregate Prepayment Amount" with respect to such applicable Prepayment Date in the table below, which prepayment shall be applied ratably to the Advance Notes then held by the Schedule B Holders, respectively, in each case of clause (A) and (B), at a price equal to 100% of such Principal plus accrued and unpaid interest thereon (if any). For the avoidance of doubt, the prepayment amounts identified in the table below reflect the aggregate amount of the prepayment to be made to the Schedule A Holders and Schedule B Holders, respectively, on each applicable Prepayment Date, including the amount of Principal and accrued and unpaid interest thereon (if any) to be repaid on such applicable Prepayment Date.

---

| | | |
|:---|:---|:---|
| **Prepayment Date** | **Schedule A Holders**<br> **Aggregate Prepayment Amount** | **Schedule B Holders<br> Aggregate Prepayment Amount** |
| Initial Prepayment Date | $333333.33 |  |
| April 18, 2023 |  | $250000.00 |
| May 18, 2023 | $333333.33 | $250000.00 |
| June 19, 2023 | $333333.34 | $250000.00 |
| July 18, 2023 |  | $250000.00 |
| **Total** | $**1000000.00** | $**1000000.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **TA Letter Termination.** The Company and each of the Consenting Purchasers hereby agree to the TA Letter Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Limitation of Waiver and Amendment.** Each of the Waiver and Amendments are effective for the purposes set forth herein and shall be limited precisely as written and, without limitation of the TA Letter Termination, shall not be deemed to be a waiver, amendment or modification of any other term or condition of the Securities Purchase Contract or any Advance Note or otherwise prejudice any right or remedy which the Consenting Purchasers may now have or may have in the future under or in connection with the Securities Purchase Contract or any Advance Note. Except as expressly set forth herein, each of the Consenting Purchasers reserves all of its rights, powers, and remedies under the Securities Purchase Contract and any Advance Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Representations and Warranties of the Company.** The Company represents and warrants to each Consenting Purchaser that: (a) The Securities Purchase Contract as amended by this Agreement does not require any further approval by the Company's stockholders or the Nasdaq Stock Market. (b) The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors of the Company or the Company's stockholders in connection herewith, this Agreement has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms. (c) The Company has not provided such Consenting Purchaser with any information that it reasonably believes constitutes material non-public information, and the Company reaffirms its obligation to comply with Section 4.6 of the Securities Purchase Contract in that regard. (d) A breach of this Agreement by the Company shall be an Event of Default under the Securities Purchase Contract and the Advance Note issued to such Consenting Purchaser. (e) To the extent that the Securities Purchase Contract and Advance Note issued to such Consenting Purchaser have not been amended hereby, such documents remain in effect, including Section 2.1 of the Advance Notes in the event of any further violations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Principal Market Compliance.** Notwithstanding anything herein to the contrary, if while the Common Stock is listed on the Principal Market any of the terms, provisions, rights, covenants and restrictions set forth in this Agreement are determined by the Principal Market to be in violation of any of the applicable rules or regulations of the Principal Market (the "Principal Market Rules"), then such terms, provisions, rights, covenants or restrictions shall be of no force and effect to the extent of such noncompliance, and shall otherwise be interpreted to the extent possible in a manner consistent with compliance with such Principal Market Rules. In the event the immediately preceding sentence applies, the remainder of the terms, provisions, rights, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired, or invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.6</u> (Headings); <u>Section 5.7</u> (Successors and Assigns); <u>Section 5.8</u> (No Third-Party Beneficiaries); <u>Section 5.9</u> (Governing Law; Exclusive Jurisdiction); <u>Section 5.11</u> (Execution); <u>Section 5.12</u> (Severability); <u>Section 5.21</u> (Construction); and <u>Section 5.22</u> (Waiver of Jury Trial) of the Securities Purchase Contract are incorporated herein by reference, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may not be amended, and no provision hereof may be waived, except by an instrument signed by the Company and the Required Holders.

*[Signature page follows.]*

**In Witness Whereof,** the parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **ASCENT SOLAR TECHNOLOGIES, INC.** | **ASCENT SOLAR TECHNOLOGIES, INC.** |
| By: | /s/ Paul P. Warley<br>|
| Name: | Paul P. Warley |
| Title: | Chief Financial Officer |

---

[*Signature Page to Waiver and Amendment*]

---

| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **L1 CAPITAL GLOBAL OPPORTUNITIES MASTER FUND LTD.** | **L1 CAPITAL GLOBAL OPPORTUNITIES MASTER FUND LTD.** |
| By: | /s/ David Feldman |
| Name: | David Feldman |
| Title: | Portfolio Management |

---

[*Signature Page to Waiver and Amendment*]

---

| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **SABBY VOLATILITY WARRANT MASTER FUND, LTD.** | **SABBY VOLATILITY WARRANT MASTER FUND, LTD.** |
| By: | /s/ Robert Grundstein |
| Name: | Robert Grundstein |
| Title: | COO of Investment Manager |

---

[*Signature Page to Waiver and Amendment*]

**Schedule A**

<u>Purchaser</u>

**Schedule B**

<u>Purchaser</u>