Superconductor Technologies Inc. Announces $9.5 Million Public Offering
October 09 2015 - 8:00AM
Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world
leader in the development and production of high temperature
superconducting (HTS) materials and associated technologies, today
announced the pricing of a public offering with expected total
gross proceeds of approximately $9.5 million. The offering is
expected to close on or about October 14, 2015, subject to
satisfaction of customary closing conditions.
The offering was priced at $0.35 per share of common stock (or
common stock equivalent), with each share of common stock coupled
with a six-month warrant to purchase one share of common stock, at
the public offering price, and a five-year warrant to purchase 0.75
of a share of common stock, at a purchase price of $0.40 per
share.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted
as the sole book runner in connection with the
offering. Dawson James Securities, Inc. acted as a co-manager
in connection with the offering.
STI intends to use the net proceeds from the offering for
working capital and general corporate purposes.
The securities are being offered pursuant to an effective
registration statement on Form S-1 (File No. 333-206496) that was
previously filed with the Securities and Exchange Commission (SEC).
The securities may be offered only by means of a prospectus. The
preliminary prospectus related to the offering has been filed with
the SEC and a final prospectus related to the offering will be
filed with the SEC on or about October 9, 2015. Copies of the
preliminary prospectus and the final prospectus, when available,
are on the SEC's website located at http://www.sec.gov and may also
be obtained by sending an email request to Rodman & Renshaw, a
unit of H.C. Wainwright & Co., LLC, at
placements@hcwco.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Superconductor Technologies Inc.
(STI)
Superconductor Technologies Inc. is a global leader in
superconducting innovation. Its Conductus(R) 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.
Cautionary Statement on Forward-Looking
Statements
Certain matters discussed in this release and oral statements
made from time to time by representatives of the Company may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved.
Forward-looking information is subject to certain risks, trends
and uncertainties that could cause actual results to differ
materially from those projected. Many of these factors are
beyond the Company's ability to control or predict. Important
factors that may cause actual results to differ materially and that
could impact the Company and the statements contained in this
release can be found in the Company's filings with the Securities
and Exchange Commission including the Company's Reports on Forms
10-K and 10-Qs for the year ended December 31, 2014 and the
quarters ended March 28, 2015 and June 27, 2015. For
forward-looking statements in this release, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995. The Company assumes no obligation to update or
supplement any forward-looking statements whether as a result of
new information, future events or otherwise.
Contact: Investor Relations Contact Cathy Mattison or Kirsten
Chapman LHA +1-415-433-3777 invest@suptech.com
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