By Abigail W. Adams
Portland, Me., July 30 – Superconductor Technologies Inc. priced $4,135,000 in class B units consisting of series E convertible preferred stock and warrants on Monday, according to a 424B4 filing with the Securities and Exchange Commission.
The offering priced 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.
| Issuer: | Superconductor Technologies Inc.
|
| Securities: | Class B units consisting of series E convertible preferred stock and warrants
|
| Amount: | 4,135.0015 class B units or $4,135,000
|
| Bookrunners: | H.C. Wainwright & Co.
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion price: | $3.50
|
| Warrant expiration | 2023
|
| Warrant strike price: | $3.50
|
| Pricing date: | July 30
|
| Concurrent offering: | 1,390,000 class A units consisting of one share of common stock and warrants at $3.50 a unit
|
| Stock symbol: | Nasdaq: SCON
|
| Stock price: | $3 at market close July 30
|
| Market capitalization: | 3,697,140
|
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