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Shares of Ascent Solar Technologies Inc., a developer of solar modules, plunged nearly 19 percent after the company offered to sell an additional 4.6 million shares at $6.50 each.
Ascent shares sank $1.41 to $6.13 in Nasdaq Stock Market composite trading Thursday. The Thornton-based company’s shares initially sold for $5.50 each in July 2006.
Chief executive Farhad Moghadam plans to use proceeds from the sale to expand production of thin-film solar substrates for use in military, space and consumer-electronics applications, the company said Thursday.
