SANTA BARBARA, Calif., Aug. 26, 2010 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (Nasdaq:SCON) ("STI"), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, announced the pricing on August 25, 2010 of an underwritten public offering of 4,000,000 shares of its common stock at a price of $1.50 per share, for gross proceeds of $6.0 million. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $5.3 million.
STI expects to close the sale of its common stock, subject to customary conditions, on or about August 31, 2010.
Jeff Quiram, STI's president and chief executive officer, said, "I am proud of the solid progress we are making on our HTS wire program. We believe the enormous potential for the 2G HTS wire market creates a compelling investment opportunity. We intend to use this raise to contribute to funding this major initiative as well as to working capital for our ongoing business serving our wireless customers as they continue to invest in performance improvement projects for their networks."MDB Capital Group LLC and Feltl and Company, Inc. are acting as co-managers for the offering. STI has granted the underwriters a 45-day option to purchase up to an additional 600,000 shares of STI's common stock to cover over-allotments, if any. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus, copies of which may be obtained from MDB Capital Group LLC 401 Wilshire Boulevard, Suite 1020, Santa Monica, CA 90401, (310) 526-5000 or Feltl and Company, Inc. 2100 LaSalle Plaza, 800 LaSalle Avenue, Minneapolis, MN 55402, (612) 492-8800.