DJ Superconductor Technologies Shares Gain Over 20% After Hours
By Stephen Nakrosis
Shares of Superconductor Technologies Inc. are trading higher in Tuesday's after-hours market, following the company's release of a letter to shareholders concerning a proposed reverse stock split.
In its letter, the company said the proposal hasn't received enough votes for passage, adding about an additional 1.5% of outstanding shares are needed to vote in favor to assure passage.
The company said the reverse split had been proposed as a means to raise the price of the company's stock to over $1 per share, allowing it to regain compliance with Nasdaq stock market continued listing requirements.
At 5:23 p.m. EDT, Superconductor Technologies shares were trading 20.88% higher, at 29 cents a share. Volume at the time tipped 1.4 million shares.
The stock finished the day's regular-trading session with a 7.16% loss, closing at 24 cents a share.
Year to date, the company's shares are up over 31%.
Superconductor Technologies makes high temperature superconductor materials.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 08, 2020 17:35 ET (21:35 GMT)
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