Superconductor Technologies Inc. Announces $10.2 Million Public Offering
December 09 2016 - 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 $10.2 million. The offering is
expected to close on or about December 14, 2016, subject to
satisfaction of customary closing conditions.
The offering was priced at $1.50 per share of common stock (or
common stock equivalent), with each share of common stock (or
common stock equivalent) sold with one five-year warrant to
purchase one share of common stock, at a purchase price of $2.00
per share.
Rodman & Renshaw, a unit of H.C. Wainwright &
Co., acted as the sole book runner 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. 333-214433) that
was previously filed with the Securities and Exchange Commission
(SEC) and a Form S-1MEF (adding securities to the aforementioned
effective registration statement). 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
December 9, 2016. 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® 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, 2015 and the
quarters ended April 2, 2016, July 2, 2016 and October 1,
2016. 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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