Superconductor Technologies Inc. to Raise $4.6 Million in Registered Direct Offering
8 hours 1 minutes ago - GlobeNewswire via Comtex
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 $4.6 million of common stock at a price of $1.05 per share.
In addition, the Company will issue to the investors warrants to purchase up to 3,259,646 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.
The offering is expected to close on or about February 22, 2012, subject to satisfaction of customary closing conditions.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement agent for the transaction.
The securities described above are being offered pursuant to a shelf registration statement (File No. 333-172190), which was declared effective by the United States Securities and Exchange Commission ("SEC") on April 13, 2011. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. When filed with the SEC, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at
http://www.sec.gov or by request at Rodman & Renshaw LLC, 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, or by calling 212-356-0549 or e-mailing placements@rodm.com.
About Superconductor Technologies Inc. (STI)