Superconductor Technologies: Plunges on deep-discounted offering

Clearday

26/07/2018 12:20

** Shares of Superconductor Technologies  SCON.O  drop 40
pct to $3.05 premarket on pricing of offering
    ** Stock top pct decliner among NYSE and Nasdaq listed
stocks trading before the bell
    ** Prices 2.8 mln shares and warrants at $3.50 apiece, a ~31
pct discount to stock's last close
    ** Each share sold with one 5-year warrant to purchase one
common share at an exercise price of $3.50  urn:newsml:reuters.com:*:nGNX2LsbqG
    ** Co expects total gross proceeds of $9 mln from offering
which it intends to use for working capital and general purposes
which may include buying complimentary products, or technologies
or businesses
    ** Co has 1.2 mln outstanding shares of which 1.1 mln are
free float; SCON completed a 1-for-10 reverse stock split on
Monday  urn:newsml:reuters.com:*:nGNX3k6Wkw
    ** SCON had a market cap of $8.8 mln up to Wednesday's close
    ** Stock has lost nearly half its value this year

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))