SCON NEWS
Superconductor Technologies Inc. to Raise Additional $2.5 Million in Registered Direct Offering
7:50a ET February 21, 2012 (GlobeNewswire) Superconductor Technologies Inc. ("STI" or the "Company") (Nasdaq:SCON) today announced that it has entered into agreements with certain institutional investors for a registered direct placement of approximately $2.5 million of common stock at a price of $1.05 per share. This reflects additional demand for STI's recently announced $4.6 million offering (the "Pending Offering").
This offering is on the same terms and conditions as the Pending Offering. The Company will issue to the investors warrants to purchase up to 1,773,750 shares of common stock. The warrants have an exercise price of $1.35 per share, and are exercisable 6 months after issuance and terminate five years after the date of issuance.
Both offerings are expected to close on or about February 22, 2012, subject to satisfaction of customary closing conditions