Superconductor Technologies (SCON) Announces Registered Direct Offering of $4.6 Million
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Superconductor Technologies Inc. (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.
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.
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