Superconductor Technologies Regained Compliance With Nasdaq Equity Rule

AUSTIN, Texas, July 24, 2020 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq: SCON) and a wholly-owned subsidiary of Allied Integral United, Inc., announced today that on July 22, 2020, the Nasdaq Hearings Panel (Panel) confirmed that the Company regained compliance with the equity requirement under Nasdaq Listing Rule 5550(b)(1) (the Equity Rule).

Separately from compliance with the Equity Rule, pursuant to a Nasdaq rule filing that tolled the extension period for companies through June 30, 2020, for the minimum bid price and market value of publicly held shares requirements under the Nasdaq Listings Rules, the Company will still be required to evidence compliance with the bid price requirement in Nasdaq Listing Rule 5550(a)(2) (the “Price Rule”) no later than September 18, 2020.  Absent additional relief from Nasdaq, failure to regain and evidence compliance with the Price Rule in a timely manner will result in the Company’s delisting from Nasdaq.  The Company’s previous disclosure that the deadline for compliance with the Price Rule was September 21, 2020 is hereby corrected to be September 18, 2020.

The Company intends to satisfy the Price Rule by taking appropriate action as needed, including through completion of a reverse stock split and/or as a result of completion of the previously announced and pending merger with Allied Integral United, Inc. (a/k/a Clearday), although there is no certainty that either of such actions will be completed in a timely manner or otherwise.

About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc. is a global leader in superconducting innovation. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, Superconductor Technologies Inc.'s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SCON.” For more information about STI, please visit http://www.suptech.com.