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Superconductor Technologies Inc. Prices $12 Million Underwritten Offering

Stocks in this article: SCON

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.

The offering is expected to close on or about August 9, 2013, subject to satisfaction of customary closing conditions.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. is acting as the sole bookrunner for the transaction.

This offering shall be made only by means of a prospectus. When filed with the SEC, copies of 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. 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.

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