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Ascent Solar Technologies, Inc. (ASTI) stock has hit a new 52-week low, with shares plummeting to $1.19, marking a 97% decline from its 52-week high of $35.80. InvestingPro analysis indicates the stock is in oversold territory, with a concerning market capitalization of just $1.66 million. This latest price point underscores a tumultuous period for the solar technology company, which has seen its stock value erode significantly over the past year. The 1-year change data paints a stark picture, revealing a dramatic decline of -96.2% in the company’s stock value. Investors are grappling with the implications of this downturn, as the company struggles with a negative gross profit margin of -254% and a steep revenue decline of -91% year-over-year. InvestingPro subscribers have access to 15+ additional key insights about ASTI’s financial health and market position.
In other recent news, Ascent Solar Technologies has completed the delivery of its spaceflight-ready photovoltaic (PV) blankets to a major European space systems provider. These advanced solar arrays, designed with rollable Copper Indium Gallium Selenide (CIGS) technology, are expected to be launched into space later this year. The company also received a new order to revise the design of its space solar products, following successful third-party validation of its CIGS PV modules for beamed power applications. Ascent Solar has been tasked with further design enhancements, highlighting the growing demand for its space-based solar power solutions.
In addition to its product developments, Ascent Solar has made significant changes to its corporate bylaws to streamline the stockholder meeting process. The amendments reduce the quorum necessary for stockholder meetings to one-third of the voting power of outstanding shares, addressing past difficulties in reaching a quorum. The bylaws also clarify the voting standard for multiple classes of voting shares, ensuring accurate and equitable stockholder decisions. These changes reflect Ascent Solar’s proactive approach to corporate governance and stockholder engagement.
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