Austin tech company plans private offering
Austin-based Superconductor Technologies Inc. is offering 6.25 million shares of stock priced at 32 cents a share in a private placement being handled by Aegis Capital Corp.
The company, which moved to Austin from California earlier this year, expects to raise $1.8 million after expenses are paid. The placement is expected to be completed by Tuesday.
STI develops superconducting wire for use in highpower transmission lines, next-generation wind turbines, industrial motors and other equipment. The company previously offered 3.8 million shares of stock in a private placement for which the company received $1.15 million.
STI, which says it is in the early stages of commercializing its technology, reported a net loss of $8.7 million for the nine-month period ended in September and lost $13.4 million for all of 2011.
STI has a headquarters and a pilot production plant at 9101 Wall St. in Northeast Austin, where it employs 17 people.