Summary
After more pivots than the Bolshoi, Superconductor Technologies developed good superconducting wire. The wire did very well in tests. But the company has been unable to produce it in meaningful quantities, and wildly unrealistic management and hyper-defensive protections deprived the company of capital. It recently stopped trying to manufacture its wire and announced a 70% reduction in workforce. With no meaningful sales and no clear way to raise money, the company is on the block. With its enterprise value of only $1.18 million, any sale would probably leave the common shareholders with nothing.