Superconductor Technologies Inc. Closes $12 Million Underwritten Offering
AUSTIN, Texas, Aug. 9, 2013 (GLOBE NEWSWIRE) -- 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
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.
Investor Relations, firstname.lastname@example.org, Cathy Mattison or Kirsten Chapman of
LHA, +1-415-433-3777, for Superconductor Technologies Inc.
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