Superconductor Technologies Announces Pricing of $5 Million At-The-Market Registered Direct Offering
March 20 2015 - 1:50PM
Superconductor Technologies, Inc. (Nasdaq:SCON) (the "Company" or
"SCON") announced that it entered into a definitive securities
purchase agreement with certain investors providing for the
issuance of 3,062,790 shares of common stock at a purchase price
per share of $1.6325, and five and a half (5.5) year warrants to
purchase up to 1,531,395 shares of common stock at an exercise
price of $1.6325.
H.C. Wainwright & Co. acted as the exclusive placement agent
for this transaction.
The closing of the sale of the securities is expected to take
place on or about March 25, 2015, subject to satisfaction of
customary closing conditions.
The shares of common stock described above were offered pursuant
to a shelf registration statement (File No. 333-202702), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on March 19, 2015. The warrants described above
have not been registered under the Securities Act of 1933 (the
"Act"), and may not be offered or sold in the United States absent
registration with the SEC or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. When filed with
the SEC, copies of the prospectus supplement and the accompanying
base prospectus relating to this offering may be obtained at the
SEC's website at http://www.sec.gov. Copies of the prospectus
supplement and accompanying prospectus relating to the offering may
be obtained from H.C. Wainwright & Co., LLC by contacting by
telephone at (212) 356-0530 or by e-mail at
placements@hcwco.com.
About Superconductor Technologies Inc.
(STI)
Superconductor Technologies Inc. is a global leader in
superconducting innovation. Its Conductus® superconducting wire
platform offers high performance, cost-effective and scalable
superconducting wire. With 100 times the current carrying capacity
of conventional copper and aluminum, superconducting wire offers
zero resistance with extreme high current density. This provides a
significant benefit for electric power transmission and also
enables much smaller or more powerful magnets for motors,
generators, energy storage and medical equipment. Since 1987, STI
has led innovation in HTS materials, developing more than 100
patents as well as proprietary trade secrets and manufacturing
expertise. For more than 20 years STI utilized its unique HTS
manufacturing process for solutions to maximize capacity
utilization and coverage for Tier 1 telecommunications operators.
Headquartered in Austin, TX, Superconductor Technologies Inc.'s
common stock is listed on the NASDAQ Capital Market under the
ticker symbol "SCON." For more information about STI, please visit
http://www.suptech.com.
Safe Harbor Statement
Statements in this press release regarding our business that are
not historical facts are "forward-looking statements" that involve
risks and uncertainties. Forward-looking statements are not
guarantees of future performance and are inherently subject to
uncertainties and other factors, which could cause actual results
to differ materially from the forward-looking statements. These
factors and uncertainties include, but are not limited to: our
limited cash and a history of losses; our need to materially grow
our revenues from commercial operations and/or to raise additional
capital (which financing may not be available on acceptable terms
or at all) in the very near future, before cash reserves are
depleted (which reserves are expected to be sufficient well into
the second quarter of 2015), to implement our current business plan
and maintain our viability; and the performance and use of our
equipment to produce wire in accordance with our timetable;
overcoming technical challenges in attaining milestones to develop
and manufacture commercial lengths of our HTS wire; the possibility
of delays in customer evaluation and acceptance of our HTS wire;
the limited number of potential customers; the limited number of
suppliers for some of our components and our HTS wire; there being
no significant backlog from quarter to quarter; our market being
characterized by rapidly advancing technology; the impact of
competitive products, technologies and pricing; manufacturing
capacity constraints and difficulties; our ability to raise
sufficient capital to fund our operations (whether through
registered direct offerings or otherwise), and the impact on our
strategic wire initiative of any inability to raise such funds; the
impact of any financing activity on the level of our stock price,
which may decline in connection with the sales under registered
direct offerings or otherwise; the dilutive impact of any issuances
of securities to raise capital; and local, regional, and national
and international economic conditions and events and the impact
they may have on us and our customers.
Forward-looking statements can be affected by many other
factors, including those described in the "Business" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of STI's Annual Report on Form 10-K
for the year ended December 31, 2014 and in STI's other public
filings. These documents are available online at STI's website,
www.suptech.com, or through the SEC's website, www.sec.gov.
Forward-looking statements are based on information presently
available to senior management, and STI has not assumed any duty to
update any forward-looking statements.
Investor Relations Contact Cathy Mattison or
Kirsten Chapman LHA +1-415-433-3777
invest@suptech.com
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