Ascent Solar Technologies, Inc. (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions (“Ascent Solar”, “Ascent” or the “Company”), announced today the completion of the previously announced $5 million private placement pursuant to the securities purchase agreement dated August 3, 2022 (“SPA”).

The Company also announced that Ascent Solar’s common stock is expected to commence trading on Nasdaq at the opening of the market on Wednesday, August 24, 2022 under the Company’s current ticker symbol “ASTI.” There is no Shareholder action necessary as a result of the Nasdaq up-listing.

The Company’s common stock will continue to trade on the OTC market under the symbol “ASTI” until trading on Nasdaq commences.

Dr. Amit Kumar, Chairman of the Board of Directors, said, “This is a major milestone for the Company after being dormant for most of 2020. We are pleased to emerge from dormancy, and look forward to a bright future for Ascent.”

“I am excited about this critical step,” said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “The vote of confidence from investors and the uplisting to Nasdaq are important in completing the Company’s turnaround and will enable broader market participation. I look forward to delivering further progress to our stakeholders,” continued Mr. Lee.

ABOUT ASCENT SOLAR TECHNOLOGIES, INC.:

Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado, and more information can be found at www.AscentSolar.com.

Forward-Looking Statements:

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.

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