ASTI Ascent Solar Technologies Inc (PK)

SCHEDULE 13D

(1) On September 25, 2020, BD 1 Investment Holding, LLC (“BD1”) purchased from seven original noteholders unsecured promissory notes issued by the Issuer from January 2017 through May 2020 (“Original Notes”). Certain of the Original Notes were convertible into the Issuer’s Common Shares, subject to provisions limiting the holder’s ability to own more than 4.99% of the outstanding Common Shares. On December 18, 2020, BD1 and the Issuer entered into a securities exchange agreement (the “Exchange Agreement”) pursuant to which the Issuer issued to BD1 two unsecured convertible promissory notes with principal amounts of $10,340,000 and $160,000 (together, the “Exchange Notes”) solely in exchange for the Original Notes, without the payment of any additional consideration. The Exchange Notes are convertible at any time until the Exchange Notes are fully paid into 105,000,000,000 Common Shares at a fixed conversion price equal to $0.0001 per share. The Common Shares have registration rights granted by the Issuer pursuant to the Exchange Agreement.

On August 2, 2021, BD1 and the Issuer entered into a securities purchase agreement (the “Securities Purchase Agreement”) pursuant to which BD1 will purchase from the Issuer an aggregate of 666,666,672 Common Shares for $10,000,000.08, in two tranches: (i) 333,333,336 Common Shares for $5,000,000.04 on or before August 31, 2021 (the “First Tranche”) and (ii) 333,333,336 Common Shares for $5,000,000.04 on or before (x) October 31, 2021 (if the Issuer then has authorized but unissued Common Shares sufficient to issue such shares) or (y) within five business days after the effective date of an increase in the authorized shares (the “Second Tranche”).

(2) Percentage calculated based on 18,345,583,473 Common Shares issued and outstanding as of May 24, 2021, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on May 24, 2021, 105,000,000,000 Common Shares issuable upon conversion of the Exchange Notes and 666,666,672 Common Shares to be purchased by BD1 from the Issuer in the First Tranche and Second Tranche.

SCHEDULE 13D

(1) Mr. Johannes Kuhn is the 100% beneficial owner of BD1. BD1 holds the Exchange Notes, which are convertible into 105,000,000,000 Common Shares of the Issuer, and BD1 will purchase 666,666,672 Common Shares from the Issuer in the First Tranche and Second Tranche.

(2) Percentage calculated based on 18,345,583,473 Common Shares issued and outstanding as of May 24, 2021, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on May 24, 2021, 105,000,000,000 Common Shares issuable upon conversion of the Exchange Notes and 666,666,672 Common Shares to be purchased by BD1 from the Issuer in the First Tranche and Second Tranche.

SCHEDULE 13D

(1) Mrs. Ute Kuhn is the 100% beneficial owner of BD1. BD1 holds the Exchange Notes, which are convertible into 105,000,000,000 Common Shares of the Issuer, and BD1 will purchase 666,666,672 Common Shares from the Issuer in the First Tranche and Second Tranche.

(2) Percentage calculated based on 18,345,583,473 Common Shares issued and outstanding as of May 24, 2021, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on May 24, 2021, 105,000,000,000 Common Shares issuable upon conversion of the Exchange Notes and 666,666,672 Common Shares to be purchased by BD1 from the Issuer in the First Tranche and Second Tranche.

SCHEDULE 13D

Background. The undersigned hereby file this Amendment No.2 (the “Amendment”) to the Schedule 13D filed by BD 1 Investment Holding, LLC, a Delaware limited liability company (“BD1”), Mr. Johannes Kuhn, a citizen of Germany, and Mrs. Ute Kuhn, a citizen of Germany and the spouse of Mr. Kuhn (together, the “Reporting Persons”), on December 29, 2020, as amended by Amendment No. 1 to the Schedule 13D filed by the Reporting Persons on March 3, 2021 (“Schedule 13D”). Only those Items amended below are reported herein.

Item 3 is amended and restated in its entirety as follows as of the date of this Amendment:

On September 25, 2020, BD1 purchased from seven original noteholders unsecured promissory notes issued by the Issuer from January 2017 through May 2020 (“Original Notes”). Certain of the Original Notes were convertible into the Issuer’s Common Shares, subject to provisions limiting the holder’s ability to own more than 4.99% of the outstanding Common Shares. On December 18, 2020, BD1 and the Issuer entered into a securities exchange agreement (the “Exchange Agreement”) pursuant to which the Issuer issued to BD1 two unsecured convertible promissory notes with principal amounts of $10,340,000 and $160,000 (together, the “Exchange Notes”) solely in exchange for the Original Notes, without the payment of any additional consideration. The Exchange Notes will mature on December 18, 2025. BD1 has the option to convert all or a portion of the amounts outstanding under the Exchange Notes into Common Shares at a conversion price of $0.0001 per share. BD1 has not converted any portion of the Exchange Notes.

On August 2, 2021, BD1 and the Issuer entered into a securities purchase agreement (the “Securities Purchase Agreement”) pursuant to which BD1 will purchase from the Issuer an aggregate of 666,666,672 Common Shares for $10,000,000.08, in two tranches: (i) 333,333,336 Common Shares for $5,000,000.04 on or before August 31, 2021 (the “First Tranche”) and (ii) 333,333,336 Common Shares for $5,000,000.04 on or before (x) October 31, 2021 (if the Issuer then has authorized but unissued Common Shares sufficient to issue such shares) or (y) within five business days after the effective date of an increase in the authorized shares (the “Second Tranche”).

SCHEDULE 13D

The source of funds used by BD1 to acquire the Original Notes was, and the source of funds to be used by BD1 to acquire the Common Shares from the Issuer in the First Tranche and Second Tranche will be, its working capital, provided, or to be provided, indirectly by Mr. and Mrs. Kuhn through BD Vermögensverwaltung GmbH, a German limited liability company. BD1 is 100% owned by BD Vermögensverwaltung GmbH; BD Vermögensverwaltung GmbH is 100% owned by Solar Invest International SE, a European company with its registered office in Luxembourg; Mr. and Mrs. Kuhn are the beneficial owners and members of the board of directors of Solar Invest International SE.

The information set forth in or incorporated by reference in Item 5 of this Schedule 13D/A is incorporated by reference in its entirety into this Item 3.

Item 5 is amended and restated in its entirety as follows as of the date of this Amendment:

(a)-(b) The following information with respect to the ownership of Common Shares by the Reporting Persons filing this statement on Schedule 13D/A is provided as of the date of this filing:

(1(1) Percentage calculated based on 18,345,583,473 Common Shares issued and outstanding as of May 24, 2021, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed on May 24, 2021, 105,000,000,000 Common Shares issuable upon conversion of the Exchange Notes and 666,666,672 Common Shares to be purchased by BD1 from the Issuer in the First Tranche and Second Tranche.

(c) Except as set forth in this Schedule 13D/A, to the knowledge of the Reporting Persons with respect to the persons named in response to Item 5(a)-(b), none of the persons named in response to Item 5(a)-(b) has effected any transactions in the Common Shares during the past 60 days.

(d) Except as disclosed in in this Schedule 13D/A, no person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any Common Shares except for Crowdex Investment, LLC and TubeSolar AG.

(e) Not applicable.

SCHEDULE 13D

Exhibit 99.1 Joint Filing Agreement among the Reporting Persons(1)

Exhibit 99.2 Exchange Agreement between BD 1 Investment Holding, LLC and the Issuer dated December 18, 2020(2)

Exhibit 99.3 Unsecured Convertible Promissory Note ($10,340,000) of the Issuer dated December 18, 2020(2)

Exhibit 99.4 Unsecured Convertible Promissory Note ($160,000) of the Issuer dated December 18, 2020(2)

Exhibit 99.5 Power of Attorney for Johannes Kuhn(2)

Exhibit 99.6 Power of Attorney for Ute Kuhn(1)

Exhibit 99.7 Securities Purchase Agreement between BD 1 Investment Holding, LLC and the Issuer dated August 2, 2021(3)

(1) Previously filed with the Schedule 13D/A on March 3, 2021 and incorporated by reference

(2) Previously filed with the Schedule 13D on December 29, 2020 and incorporated by reference

(3) Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Issuer on August 5, 2021

SCHEDULE 13D

SIGNATURE

After reasonable inquiry, to the best of my knowledge and belief, I certify that the information set forth in this Schedule 13D/A is true, complete and correct.