Boston, MA 10/01/2014 (wallstreetpr) – Developer of high temperature superconductor materials, Superconductor Technologies, Inc. (NASDAQ:SCON), disclosed that it has completed the process of selling its stake in development stage company, Resonant Inc (NASDAQ:RESN) to different investors through privately negotiated transactions. The closing of the transactions would be subject to normal closing conditions.
Sells Stake
Superconductor Technologies, Inc. (NASDAQ:SCON) said that it agreed to divest its minority stake of 700,000 shares in Resonant Inc (NASDAQ:RESN) to different buyers, its statement indicated. The privately concluded transactions included buyers of employees and the founders of Resonant, who have shown their intention to acquire 49,500 shares. Superconductor Technologies would realize an aggregate amount of $3.56 million from the sale of shares.
Superconductor Technologies said that the timing of its sale was largely driven by its aspiration to redeploy the funds to supplement its Conductus wire project. The company also disclosed that it would use more capital to implement its business plan to assertively supply Conductus wire to the electrical gadget industry during the coming months. The company was one among those involved in establishing Resonant in 2012, which subsequently issued shares through initial public offering.
Management Speaks
Superconductor Technologies, Inc. (NASDAQ:SCON)’ President and CEO, Jeff Quiram, said that as a result of selling its stake in Resonant Inc (NASDAQ:RESN), it was able to unlock the value for its shareholders, which was also its goal. He said that his company’s nucleus tactic was to concentrate on Conductus wire commercialization and at the same time always prepared to review options to monetize under-utilized assets of the company.
Resonant CEO Acquire Shares
Separately, Resonant Inc (NASDAQ:RESN) Chairman and CEO, Terry Lingren, acquired 10,000 shares at the rate of $5.09 a share on September 29, according to Form 4 filed with the SEC. This takes his total direct holding in the company to 343,333 shares, which is worth approximately $2.5 million based on the closing price of $7.29 on September 30. The purchasing price and the closing price of September 30 suggest that he has already pocketed 43% gain.
