AUSTIN, Texas, Aug. 6, 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 has priced an underwritten public offering of units of common stock and warrants at a price of $1.799 per unit for gross proceeds of $12 million, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company. Each unit consists of one share of common stock and two warrants: one five year warrant to purchase one share of common stock, and one two year warrant to purchase one-half of a share of common stock, both warrants having an exercise price equal to the August 5 th closing price of $2.57 per share. Investors whose purchase of units would result in owning more than 9.9% of our outstanding common stock will have the opportunity to substitute pre-funded warrants with a five year term for any common stock they would have otherwise acquired over the 9.9% level, paying the same price as the regular units, minus the $0.01 exercise price of each pre-funded warrant. A total of 6,670,372 shares of common stock or pre-funded warrants will be issued in the offering, together with 6,670,372 five year warrants and 3,335,186 two year warrants.
Superconductor Technologies Inc. Prices $12 Million Underwritten Offering
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