AUSTIN, Texas, March 07, 2018 (GLOBE NEWSWIRE) — Superconductor Technologies Inc. (STI) (Nasdaq:SCON), announced that it has entered into a definitive purchase agreement with an institutional investor to purchase in a registered direct offering priced at-the-market 1,581,000 registered shares of its common stock (or common stock equivalent) at a purchase price of $1.265 per share.Additionally, for each share of common stock (or common stock equivalent) purchased, the investor will receive an unregistered warrant to purchase up to 1,581,000 shares of common stock.The warrants have an exercise price of $1.14 per share, shall be exercisable immediately following the issuance date of the warrants and will expire 5.5 years from the issuance date.
H.C. Wainwright & Co. is acting as the exclusive placement agent in connection with this offering.
The gross proceeds of this offering is expected to be approximately $2.0 million, before deducting placement agent’s fee and offering expenses. The closing of the offering is expected to take place on or about March 9, 2018, subject to the satisfaction of customary closing conditions.
The shares described above (but not the warrants or the shares underlying the warrants) are being offered pursuant to a “shelf” registration statement (File No. 333-202702) which became effective on March 19, 2015.Such shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The Company will file a prospectus supplement and the accompanying base prospectus with the SEC relating to such shares. When available, copies of the prospectus supplement and the accompanying base prospectus may be obtained at the SEC’s website at http://www.sec.gov, or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by telephone at (646) 975-6996 or by email at [email protected].