Superconductor Technologies Inc. Closes $12 Million Underwritten Offering
August 09 2013 - 2:14PM
Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world
leader in the development and production of high temperature
superconducting (HTS) materials and associated technologies,
announced the closing of its previously announced underwritten
public offering of units of common stock and warrants. The company
received net proceeds of approximately $10.9 million after
deducting underwriting discounts and commissions and offering
expenses.
A total of 5,721,675 shares of common stock were issued, plus an
additional 954,001 shares subject to pre-funded warrants with an
exercise price of $0.01 per pre-funded warrant. In addition, a
total of 6,675,676 five year warrants and 3,337,838 two year
warrants were issued, each with an exercise price of $2.57.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. acted as the sole book-runner for
the transaction.
This offering was made only by means of a prospectus. The final
prospectus relating to this offering may be obtained at the SEC's
website at http://www.sec.gov or by request at Ladenburg Thalmann
& Co. Inc., 4400 Biscayne Blvd., 14th Floor, Miami, Florida
33137.
In connection with this offering, the Company has filed a
registration statement on Form S-1 that was declared effective by
the SEC on August 5, 2013. 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.
About Superconductor Technologies Inc.
(STI)
Superconductor Technologies Inc., founded in Santa Barbara, CA,
and now headquartered in Austin, TX, has been a world leader in HTS
materials since 1987, developing more than 100 patents as well as
proprietary trade secrets and manufacturing expertise. For more
than a decade, STI has been providing innovative interference
elimination and network enhancement solutions to the commercial
wireless industry. The company is currently leveraging its key
enabling technologies, including RF filtering, HTS materials and
cryogenics to develop energy efficient, cost-effective and high
performance second generation (2G) HTS wire for existing and
emerging power applications, to develop applications for advanced
RF wireless solutions and innovative adaptive filtering, and for
government R&D. 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; 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; overcoming technical challenges in attaining
milestones to develop and manufacture commercial lengths of our HTS
wire; customer acceptance of our HTS wire; fluctuations in product
demand from quarter to quarter; the impact of competitive filter
products, technologies and pricing; manufacturing capacity
constraints and difficulties; our ability to raise sufficient
capital to fund our operations, and the impact on our strategic
wire initiative of any inability to raise such funds; the impact of
any such financing activity on the level of our stock price; and
local, regional, and national and international economic conditions
and events and the impact they may have on us and our customers,
such as the current worldwide recession.
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, 2012 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.
Contacts
Investor Relations, invest@suptech.com, Cathy Mattison or
Kirsten Chapman of LHA, +1-415-433-3777, for Superconductor
Technologies Inc.
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