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Superconductor Technologies Inc Prices $12 Million Underwritten Offering

Tuesday, 6 Aug 2013 09:30am EDT 

Superconductor Technologies Inc 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 5th 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. 

Company Quote

-0.03 -0.94%
27 Aug 2014