Current Report Filing (8-k)
May 30 2023 - 4:03PM
Edgar (US Regulatory)
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2023-05-25
2023-05-25
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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): May 30, 2023 (May
25, 2023)
ASCENT SOLAR
TECHNOLOGIES, INC.
(Exact name of registrant
as specified in its charter)
Delaware |
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001-32919 |
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20-3672603 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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12300 Grant Street |
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Thornton, CO 80241 |
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(Address of principal executive offices) |
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(720) 872-5000 |
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(Registrant’s telephone number, including area code) |
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Not Applicable
(Former name, former address,
and former fiscal year, if changed since last report.)
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 |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common |
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ASTI |
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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 3.01 Notice of Delisting
or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On May 25, 2023, Ascent Solar
Technologies, Inc. (the “Company”) received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that
it is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on The Nasdaq Stock Market to maintain a
minimum of $2,500,000 in stockholders’ equity for continued listing. In its quarterly report on Form 10-Q for the period ended March
31, 2023, the Company reported stockholders’ equity of $(2,180,440), and, as a result, does not currently satisfy Listing Rule 5550(b)(1).
Nasdaq’s letter has
no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on Nasdaq, subject
to the Company’s compliance with the other continued listing requirements. Nasdaq’s letter provides the Company with 45 calendar
days, or until July 9, 2023, to submit a plan to regain compliance. If the plan is accepted, the Company can be granted up to 180 calendar
days from May 25, 2023 (or November 21, 2023), to evidence compliance. There can be no assurance that the Company will be able to regain
compliance with all applicable continued listing requirements or that its plan will be accepted by the Nasdaq staff. In the event the
plan is not accepted by the Nasdaq staff, or in the event the plan is accepted and the extension granted but the Company fails to regain
compliance within the plan period, the Company would have the right to a hearing before an independent panel. The hearing request would
stay any suspension or delisting action pending the conclusion of the hearing process and the expiration of any additional extension period
granted by the panel following the hearing.
The Company intends to take
all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. The Company is currently
evaluating its available options to resolve the deficiency and regain compliance with the Nasdaq minimum stockholders’ equity requirement.
The Company intends to submit the compliance plan by the Nasdaq deadline.
The Company’s receipt
of this letter from Nasdaq does not affect the Company’s business, operations or reporting requirements with the Securities and
Exchange Commission.
Item
9.01 Financial Statements and Exhibits.
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(d) |
Exhibits |
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Exhibit
Number |
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Description |
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104 |
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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.
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ASCENT
SOLAR TECHNOLOGIES, INC. |
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May 30, 2023 |
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By: |
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/s/
Jin H. Jo |
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Name: Jin H. Jo |
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Title: Chief Financial Officer |
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