Superconductor Technologies to price $4.14 million in series E convertible preferred stock

By Abigail W. Adams

Portland, Me., July 30 – Superconductor Technologies Inc. plans to price $4,135,000 in class B units consisting of series E convertible preferred stock and warrants, according to a 424B4 filing with the Securities and Exchange Commission.

The offering is being made concurrent to a $4,865,000 offering of 1,390,000 class A units consisting of one share of common stock and a warrant to purchase one share of common stock with a strike price of $3.50.

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

The par of $1,000 series E convertible preferred stock will be convertible into common stock at a conversion price of $3.50. The class B units also contain five-year warrants with a strike price of $3.50.

The class B units are being offered to purchasers who would own more than 4.99% of outstanding common stock through participation in the class A units offering.

The series E convertible preferred stock and warrants will not be listed for trade. Net proceeds from the concurrent offerings are expected to be $8.28 million, according to the SEC filing.

Proceeds will be used for general corporate purposes.

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

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