Superconductor Technologies Inc. Announces Proposed Public Offering of Common Stock
May 20 2019 - 04:50PM
Superconductor Technologies Inc. (“STI,” the “Company,” “we,” “our”
or “us”) (NASDAQ: SCON) today announced that it intends to offer
and sell, subject to market and other conditions, shares of its
common stock in an underwritten public offering. The offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
STI currently intends to use the net proceeds
from the offering for working capital and general corporate
purposes.
A shelf registration statement on Form S-3
(Registration No. 333-228676) relating to the public offering of
the shares of common stock described above was filed with the
Securities and Exchange Commission (“SEC”) and was declared
effective on December 11, 2018. A preliminary prospectus supplement
describing the terms of the offering will be filed with the SEC and
will form a part of the effective registration statement. Copies of
the preliminary prospectus supplement and the accompanying
prospectus relating to the offering may be obtained, when
available, from H.C. Wainwright & Co., LLC, 430 Park Avenue 3rd
Floor, New York, NY 10022, or by calling (646) 975-6996 or by
emailing placements@hcwco.com or at the SEC’s website at
http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. Any offer, if at all, will be made only by means of
the prospectus supplement and accompanying prospectus forming a
part of the effective registration statement.
About Superconductor Technologies
Inc.
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.
Forward-Looking Statements
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: those relating to
the size of the offering; the expected net proceeds from the
offering; the intended use of proceeds and the timing of the
closing of the offering; 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 into the third quarter of 2019), to implement our
current business plan and maintain our viability; 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 and customer
pressures on the selling prices of our products; 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; the impact of any financing
activity on the level of our stock price; the dilutive impact of
any issuances of securities to raise capital; the steps required to
maintain the listing of our common stock with a U.S. national
securities exchange and the impact on the liquidity and trading
price of our common stock if we fail to maintain such listing; the
cost and uncertainty from compliance with environmental
regulations; 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, 2018, 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 Contact:
Moriah Shilton or Kirsten Chapman
LHA
+1-415-433-3777 invest@suptech.com
Superconductor Technolog... (NASDAQ:SCON)
Historical Stock Chart
From Feb 2024 to Mar 2024
Superconductor Technolog... (NASDAQ:SCON)
Historical Stock Chart
From Mar 2023 to Mar 2024