Solar photovoltaic cell maker sells stake for $450mn

Ascent Solar Technologies Inc., photovoltaic cell maker, agreed to sell about a fifth of its shares and jointly set up manufacturing units in east Asia for about $450 million.

Ascent sold 6.4 million shares at $1.15 per share, a 56 percent premium to the stock’s August 12 close of 73 cents on Nasdaq, to China’s TFG Radiant Group. TFG also has the right to buy an additional 9.5 million Ascent shares at $1.55 a share.

TFG, a joint venture between Radiant Group and Tertius Financial Group, has committed $165 million for setting up manufacturing facilities in east Asia.

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