AUSTIN, Texas, Dec. 13, 2012 (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, today announced the pricing of a registered direct offering of 6,250,000 shares of common stock at an offering price of $0.32 per share. The gross proceeds to STI from this offering are expected to be $2.0 million, before deducting placement agent fees and other estimated offering expenses. The offering is expected to close on December 18, 2012, subject to customary closing conditions.
Aegis Capital Corp. is acting as the sole placement agent for this offering.
The offering is being made pursuant to a shelf registration statement that Superconductor Technologies filed with the Securities and Exchange Commission ("SEC") and which is effective. A prospectus supplement relating to the offering will be filed with the SEC. When available, copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained by contacting Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: email@example.com. Electronic copies of the prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., headquartered in Austin, TX, has been a world leader in HTS materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than a decade, STI has been providing innovative interference elimination and network enhancement solutions to the commercial wireless industry. The company is currently leveraging its key enabling technologies, including RF filtering, HTS materials and cryogenics to develop energy efficient, cost-effective and high performance second generation (2G) HTS wire for existing and emerging power applications. Superconductor Technologies Inc.'s common stock is listed on the NASDAQ Capital Market under the ticker symbol "SCON." For more information about STI, please visit http://www.suptech.com.
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Safe Harbor Statement
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: limited cash and a history of losses; our ability to raise sufficient capital to fund our operations, and the impact on our strategic initiatives of any inability to raise such funds; the impact of any such financing activity on the level of our stock price; limited number of potential customers; decreases in average selling prices for our products; rapidly advancing technology in our target markets; our need to overcome additional technical challenges in attaining milestones to develop and manufacture commercial lengths of our Conductus® HTS wire; customer acceptance of our Conductus HTS wire; the impact of competitive products, technologies and pricing; limited number of suppliers for some of our components; no significant backlog from quarter to quarter; fluctuations in sales and product demand from quarter to quarter, which can be significant; our proprietary rights, while important to our business, are difficult and costly to protect; manufacturing capacity constraints and difficulties; 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, 2011 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.
CONTACT: Investor Relations, firstname.lastname@example.org Cathy Mattison or Kirsten Chapman of LHA +1-415-433-3777, for Superconductor Technologies Inc.
Source:Superconductor Technologies Inc.