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Prospectus Supplement to Prospectus dated September
27, 2000, File No. 333-45406 Filed Pursuant to Rule
424(b)(3)
ILLINOIS SUPERCONDUCTOR CORPORATION
SUPPLEMENT
TO
PROSPECTUS DATED SEPTEMBER 27, 2000
This is a Supplement to Illinois Superconductor Corporation's
Prospectus, dated September 27, 2000 (the "Prospectus"), with respect to the
offer and sale of up to 3,440,526 shares of Common Stock, including preferred
stock purchase rights, of Illinois Superconductor Corporation. This Supplement
amends and supplements certain information contained in the Prospectus. We
encourage you to read this Supplement carefully.
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NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSIONER HAS APPROVED OR DISAPPROVED OF THE SHARES OF ILLINOIS
SUPERCONDUCTOR CORPORATION COMMON STOCK TO BE ISSUED UNDER THIS SUPPLEMENT AND
THE PROSPECTUS OR DETERMINED IF THIS SUPPLEMENT OR THE PROSPECTUS IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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THE DATE OF THIS SUPPLEMENT IS FEBRUARY 23, 2001.
CURRENT REPORT ON FORM 8-K
On February 22, 2001, we filed a Current Report on Form 8-K reporting
that a settlement of previously disclosed shareholder litigation has been
reached, which, subject to court approval, will result in our receiving $15
million, less legal fees and certain other expenses.
We hereby incorporate by reference into this Supplement and the
Prospectus our Current Report on Form 8-K filed February 22, 2001.
A copy of our Current Report on Form 8-K filed February 22, 2001 is
being provided to you along with this Supplement.
Information about documents that have been incorporated by reference
into the Prospectus is included in the section of the Prospectus captioned
"Where You Can Find More Information."