Superconductor Research Company to Offer Shares

Superconductor Technologies Inc., a high-technology research firm in Santa Barbara whose initial investors include Lockheed Corp., plans to sell a minority stake to the public.

In a filing with the Securities and Exchange Commission, Superconductor Technologies said it is offering 1.5 million common shares at an expected price of up to $12 a share, which would provide gross proceeds of $18 million. The offering is being managed by H.J. Meyers & Co.

Founded in 1987, Superconductor Technologies is developing so-called superconductor materials that it believes will help improve the performance of medical-imaging equipment, cellular communications and high-speed computers by enabling electrical currents to operate with less power and heat than conventional materials.

Lockheed, the Calabasas-based aerospace giant, currently owns 15.4% of Superconductor Technologies, and its stake would fall to 11.3% after the public offering, according to the filing.