Research Firm Completes Sale of 1.5 Million Shares

Superconductor Technologies Inc., a high-technology research firm in Santa Barbara, has completed its initial public offering with the sale of 1.5 million common shares for $10 apiece.

The sale of the minority stake to the public effectively cut the equity interest in Superconductor Technologies held by Lockheed Corp. The Calabasas-based defense and aerospace giant now owns about 11% of the company, down from 15.4% before the offering.

Superconductor Technologies is developing materials that it believes will help improve the performance of medical-imaging equipment, high-speed computers and other products by enabling electrical currents to operate with less heat and power than conventional materials.