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Superconductor Technologies Inc. Common Stock to be Traded on the NASDAQ Capital Market Beginning October 5th
Santa Barbara, CA, Oct. 4: Superconductor Technologies Inc. (NASDAQ:SCON)
(STI), a leading provider of high performance infrastructure products for wireless voice and data applications, today announced that
the NASDAQ Stock Market accepted STI's application to transfer its common stock listing from the NASDAQ National Market System to the NASDAQ Capital Market. Effective with the open of business on October 5, 2005, STI's common stock will trade on the Nasdaq Capital Market under its current symbol "SCON." There will be no change in the way STI shares are traded as a result of the listing transfer, and the transfer will not have any effect on shareholders' ability to purchase and sell their common stock.
STI is transferring its listing from the National Market System to the Capital Market to secure additional time for regaining compliance with The NASDAQ Stock Market's minimum stock price requirement. The NASDAQ Stock Market has a continued listing requirement of $1.00 per share for both its National Market System and the Capital Market. In April 2005, The NASDAQ Stock Market notified STI that its stock price failed to meet the minimum price requirement and provided STI with 180 days (until October 3, 2005) to regain compliance. Since STI's stock price did not recover by the original deadline and it continues to meet all other listing requirements, STI chose to transfer its listing to the NASDAQ Capital Market and will be granted an additional 180-day grace period (until March 4, 2006) to regain compliance with the minimum price requirement.
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