Thursday March 27, 03:13 PM
Ascent Solar Technologies shares rally after Norsk Hydro unit increases stake
NEW YORK (Thomson Financial) - Shares of Ascent Solar Technologies Inc (ASTI - news) . soared Thursday after the company said a unit of Norsk
Hydro ASA (Oslo: NHY.OL - news) had exercised an option to buy an additional 2.3 million common shares of Ascent, brining its total stake to 35%.
The option was granted to Norsk Hydro and approved by Ascent Solars shareholders in June 2007.
Ascent sees proceeds of $28.4 million from the follow on investment and expects the transaction to close by March 31.
In addition to the 2.3 million common shares, Norsk bought 1.7 class B warrants. It (Frankfurt: A0MLX5 - news) now has a 35% stake in the warrants as well.
Shares of Ascent rallied 22% to $14.62 Thursday. While the stock is up about 36% over the past 52 weeks, it has fallen about 52% since the start of 2008.
Ryan Vlastelica
rv/vj
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