Ascent Solar Tech stock plunges to 52-week low of $1.5

Ascent Solar Technologies, Inc. (ASTI) has experienced a significant downturn, with its stock price touching a 52-week low of $1.5. The company’s market capitalization has shrunk to just $2.37 million, while its beta of 2.41 indicates higher volatility compared to the broader market. This latest price level reflects a stark contrast to the company’s performance over the past year, which has seen the stock value plummet by an alarming 96.03%. Investors have been wary as the company grapples with market challenges, including a concerning revenue decline of 90.46% and negative gross profit margins. The steep decline to this year’s low underscores the volatility and the tough market conditions that Ascent Solar Technologies is currently facing. According to InvestingPro analysis, the stock appears undervalued at current levels, with 14 additional key insights available to subscribers.

In other recent news, Ascent Solar Technologies has received a new order to redesign its space solar technology. The company has developed a prototype optimized for beamed power transmission, following successful third-party testing of its Copper Indium Gallium Selenide (CIGS) photovoltaic modules. This order highlights Ascent Solar’s ongoing efforts to adapt its technology for space-based solar power solutions, potentially opening up new revenue opportunities. Additionally, Ascent Solar has made significant amendments to its corporate bylaws, as disclosed in a recent SEC filing. These changes include reducing the quorum required for stockholder meetings from a majority to one-third of the voting power of outstanding shares. This adjustment aims to address past difficulties in reaching a quorum due to the dispersed stockholder base and brokerage firms’ voting restrictions. The company also clarified voting standards for situations involving multiple classes of voting shares, ensuring equitable representation in stockholder decisions. These bylaw amendments are part of Ascent Solar’s initiative to streamline governance and enhance stockholder engagement.

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