Superconductor Technologies offers class B units with series E convertible preferred stock

By Abigail W. Adams

Portland, Me., July 2 – Superconductor Technologies Inc. announced an offering of class B units composed of par of $1,000 series E convertible preferred stock and warrants prior to the market open Monday, according to an S-1 filing with the Securities and Exchange Commission.

H.C. Wainwright & Co. is the bookrunner for the registered offering.

The offering also consists of class A units of common stock and warrants to purchase common stock.

The class B units are being offered to purchasers, if any, whose participation in the class A units offering would result in the beneficial ownership of 4.99% of outstanding common stock, according to the SEC filing.

The company is also registering the shares issuable upon the conversion of the series E preferred stock and warrants.

For each class B unit sold, the number of class A units will be reduced on a one-for-one basis.

The registration covers a total of $10 million of securities.

Proceeds will be used for general corporate purposes.

Superconductor Technologies is an Austin, Texas-based developer and producer of high temperature superconductor materials and related technologies.

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