North Coast Solar Stocks

September 24, 2007

Ascent Solar Shares Hit All-Time High

Filed under: ASTI — Tags: , , — Jason @ 11:53 am

Monday September 24, 11:53 am ET

Ascent Solar Shareholder Quercus Trust Raises Stake to 15.4 Percent; Shares Hit All-Time High

NEW YORK (AP) — Shares of Ascent Solar Technologies Inc. hit a new all-time high on Monday, surging more than 13 percent after a major shareholder upped its stake in the maker of photovoltaic materials.

Shares rose $1.50, or 9.1 percent, to $18 in morning trading. Earlier, shares climbed as high as $19.06, eclipsing a previous high of $16.75.

Ascent shareholder Quercus Trust bought 323,701 shares last week for $14.41 to $15.84 apiece, according to a Friday filing with the Securities and Exchange Commission. Quercus now beneficially owns 1.7 million shares, or a 15.4 percent stake based on Ascent’s 11 million shares outstanding as of June 30.

Quercus has steadily increased its stake in the technology company during September. The Newport Beach, Calif.-based fund reported owning an 8.8 percent stake of Ascent as of Sept. 4, and a 10.2 percent stake on Sept. 12.

Quercus Trust is led by David Gelbaum, a major donor to environmental and conservation causes.

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