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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 22, 1998
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Illinois Superconductor Corporation
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(Exact Name of Registrant as Specified in Charter
Delaware 0-22302 36-3688459
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(State of Jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.
451 Kingston Court, Mount Prospect, Illinois 60056
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (847) 391-9400
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Item 5. Other Events.
Stockholder Approval of Increase in Authorized Shares
At a special meeting of stockholders of Illinois Superconductor
Corporation (the "Company") held today, a proposal to increase the Company's
authorized Common Stock from 15 million shares to 30 million shares was
approved by holders of a substantial majority of its voting Common Stock. The
newly authorized shares are intended to be used for general corporate purposes,
including potential debt and/or equity financings.
The Company is currently contemplating near-term financing proposals
which involve the issuance of Common Stock or securities convertible into
Common Stock at a fixed rate, but has not entered into any agreement with
respect to such a financing. As reported in the Company's Form 10-K, filed with
the Securities and Exchange Commission on March 31, 1998, the Company currently
has resources to finance its business plan through the end of May 1998. If the
Company is unable to secure adequate financing by early May, it will have to
substantially reduce its operating activities in order to continue operations.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Illinois Superconductor Corporation
Dated: April 22, 1998 By: /s/ EDWARD W. LAVES
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Edward W. Laves
President and Chief Executive Officer
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