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Superconductor Tech prices $6M stock offering

By   /   Thursday, August 26th, 2010  /   Comments Off on Superconductor Tech prices $6M stock offering

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Santa Barbara-based Superconductor Technologies said Aug. 25 that it has priced an underwritten offering of 4 million shares of common stock at $1.50 per share. The company hopes to bring in $6 million in gross proceeds from the raise and said the offering will likely close Aug. 31.

President and CEO Jeff Quirim said the raise will contribute funding to projects such as its HTS wire program. “We believe the enormous potential for the 2G HTS wire market creates a compelling investment opportunity. We intend to use this raise to contribute to funding this major initiative as well as to working capital for our ongoing business serving our wireless customers as they continue to invest in performance improvement projects for their networks,” Quirim said in a release.

MDB Capital Group and Feltl and Co. are co-managers for the offering. Superconductor Tech has granted the underwriters a 45-day option to purchase up to an additional 600,000 shares of its common stock to cover any possible over-allotments.

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