Superconductor Technologies Announces Closing of $3 Million Public Offering
October 10 2019 - 2:08PM
Superconductor Technologies Inc. (Nasdaq: SCON) (the “Company”), a
Delaware company, today announced the closing of its previously
announced public offering of approximately 12 million units, each
unit consisting of one share of common stock (or a common stock
equivalent) and one warrant to purchase one share of common stock,
at a public offering price of $0.25 per unit. The shares of common
stock (or common stock equivalents) and warrants comprising the
units were immediately separable and were issued separately, but
were purchased together. The warrants have an exercise price of
$0.25 per share, are immediately exercisable, and will expire five
years from the date of issuance.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The gross proceeds of the offering are
approximately $3 million, prior to deducting placement agent fees
and estimated offering expenses and excluding the exercise of any
warrants.
The Company intends to use the net proceeds from
this Offering for working capital and general corporate purposes,
which may include repayment of debt and capital expenditures.
A registration statement on Form S-1 (File No.
333-233693) relating to these securities was declared effective by
the U.S. Securities and Exchange Commission (the “SEC”) on October
8, 2019. This offering was made only by means of a prospectus
forming part of the effective registration statement. A final
prospectus relating to and describing the terms of the offering has
been filed with the SEC and copies may be obtained for free by
visiting the SEC’s website at www.sec.gov or by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York,
New York 10022, by email at placements@hcwco.com or by telephone at
646-975-6996.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
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:
statements pertaining to the offering of the Company’s securities,
including the use of net proceeds therefrom; 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, 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
ChapmanLHA
+1-415-433-3777
invest@suptech.com
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