AUSTIN, Texas, March 11, 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, today announced that it is effecting a one-for-twelve (1:12) reverse split of its common stock, effective at the close of business today. The reverse stock split, which was authorized by its Board of Directors, was approved by STI's stockholders on March 11, 2013 at a Special Meeting of the Stockholders. Upon tomorrow's (March 12) market open, STI's common stock will continue trading on a split-adjusted basis under the symbol SCON with a new CUSIP number.
STI has implemented the reverse stock split in order to meet the Nasdaq Capital Market's maintenance standard that requires STI to maintain at least a $1.00 per share minimum bid price. STI anticipates that following the reverse stock split, its common stock will trade at a price higher than the $1.00 per share minimum bid price. However, there can be no assurance that, after the consummation of the reverse stock split, the common stock will trade at twelve (12) times the market price prior to the reverse stock split or above the $1.00 per share minimum bid price.
In the reverse split, each twelve shares of issued and outstanding common stock will be converted automatically into one share of common stock. No fractional shares will be issued in connection with the reverse stock split, and stockholders who would be entitled to fractional shares will receive cash in lieu of fractional shares. The number of shares of STI common stock issued and outstanding will be reduced from approximately 50,533,875 shares as of March 11, 2013, to approximately 4,211,156 shares outstanding post split. The reverse split will also have a proportionate effect on all stock options and warrants outstanding as of March 11, 2013.