Ascent Solar Acquires QuantumScape Battery Biz, Names New CTO

TL;DR

Ascent Solar is buying QuantumScape's battery biz and hired a new CTO. Big moves in the battery space!

AI Summary

Ascent Solar Technologies, Inc. announced on August 7, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of QuantumScape Corporation's battery manufacturing business. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions. The company also announced the appointment of Dr. Michael J. McRay as Chief Technology Officer, effective August 7, 2024.

Why It Matters

This acquisition could significantly expand Ascent Solar's capabilities in the battery manufacturing sector, potentially leading to new product development and market opportunities.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies, while the appointment of a new CTO introduces leadership transition risk.

Key Players & Entities

• Ascent Solar Technologies, Inc. (company) — Registrant
• QuantumScape Corporation (company) — Seller of battery manufacturing business
• Dr. Michael J. McRay (person) — Newly appointed Chief Technology Officer
• August 7, 2024 (date) — Effective date for acquisition agreement and CTO appointment
• Fourth Quarter of 2024 (date) — Expected closing period for the acquisition

FAQ

Key Financial Figures

• $0.0001 — h registered Common Stock, par value $0.0001 per share ASTI Nasdaq Capital Marke

Filing Documents

• asti_8k.htm (8-K) — 48KB
• ex10x1.htm (EX-10.1) — 266KB
• 0001079973-24-001214.txt ( ) — 551KB
• asti-20240807.xsd (EX-101.SCH) — 3KB
• asti-20240807_lab.xml (EX-101.LAB) — 33KB
• asti-20240807_pre.xml (EX-101.PRE) — 22KB
• asti_8k_htm.xml (XML) — 3KB

02. Departure of

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As described below, the Company held its 2024 Annual Meeting of Stockholders on August 7, 2024. At the Annual Meeting, the Company's stockholders approved an amendment to the Company's 2023 Equity Incentive Plan to increase the number of shares of common stock subject to the 2023 Equity Incentive Plan from 525,000 to 15,525,000. A summary of the material terms of the amended 2023 Plan is set forth in the Company's definitive proxy statement on Schedule 14A for the Annual Meeting filed with the U.S. Securities and Exchange Commission on June 22, 2024 (the "Proxy reference to the full text of the amended 2023 Plan, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated herein by reference.

07. Submission

Item 5.07. Submission of Matters to a Vote of Security Holders. On August 7, 2024, the Company convened its 2024 Annual Meeting of Stockholders. The matters voted upon at the Annual Meeting and the results of such voting are set forth below. Proposal 1 - Election one Class C director to serve a three year term ending in 2027 until his respective successors is duly elected and qualified. Nominee Votes For Against Abstain Broker Non-Votes David Peterson (Class C) 8,418,900 788,644 640,866 17,753,617 David Peterson was duly elected. Proposal 2 - Ratification of appointment of independent registered accounting firm – Haynie & Company Votes For Votes Against Abstain Broker Non-Votes 25,758,029 1,394,323 449,675 0 Proposal 2 was approved. Proposal 3 – Approval of an amendment to the Company's 2023 Equity Incentive Plan Votes For Votes Against Abstain Broker Non-Votes 7,251,464 2,534,993 61,953 17,753,617 Proposal 3 was approved. Proposal 4 – Approval to amend the Company's certificate of incorporation to effect a reverse stock split Votes For Votes Against Abstain Broker Non-Votes Common Stock 18,009,198 9,455,226 137,602 0 Preferred Series Z 117,442,672 61,659,991 897,337 0 Total 135,451,870 71,115,217 1,034,939 0 Proposal 4 was approved. Proposal 5 – Approval, on an advisory basis, the compensation of the Company's Named Executive Officers Votes For Votes Against Abstain Broker Non-Votes 6,619,008 2,886,544 342,858 17,753,617 Proposal 5 was approved.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Ascent Solar 2023 Equity Incentive Plan (as amended through August 7, 2024) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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. August 13, 2024 By: /s/ Jin Jo Name: Jin Jo Title: Chief Financial Officer

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View this 8-K filing on SEC EDGAR