MDB Capital Group assists in raising funds for general working capital
By Devika Patel
Knoxville, Tenn., Feb. 4 - Superconductor Technologies Inc. plans a registered direct offering of stock, according to a prospectus supplement filed Friday with the Securities and Exchange Commission. The deal will raise $13.34 million via agent MDB Capital Group LLC.
The company will sell 5,443,000 common shares at $2.45 apiece. The price per share represents a 21.47% discount to the Feb. 3 closing share price of $3.12.
Settlement is expected Feb. 9.
Proceeds will be used for general working capital purposes.
"This financing provides us with the resources necessary to capitalize on the recent significant advances achieved in our strategic 2G HTS wire development program," president and chief executive officer Jeff Quiram said in a press release. "We are excited about the enormous potential for 2G HTS wire, and by securing this additional capital, we are well positioned to execute on our plan to become a major participant in this emerging growth market."
Based in Santa Barbara, Calif., Superconductor is a provider of wireless, adaptive-filtering and cryogenics technologies.
| Issuer: | Superconductor Technologies Inc.
|
| Issue: | Common shares
|
| Amount: | $13,335,350
|
| Shares: | 5,443,000
|
| Price: | $2.45
|
| Warrants: | No
|
| Agent: | MDB Capital Group LLC
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 9
|
| Stock symbol: | Nasdaq: SCON
|
| Stock price: | $3.12 at close Feb. 3
|
| Market capitalization: | $67.23 million
|
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