Redcloth upwards - Jul 2007 - redcloth 3.0.4 bug

irb(main):001:0> require ''redcloth''
=> true
irb(main):002:0> RedCloth.new("a^2^+b^2^=c^2^").to_html
=>
"<p>a<sup>2^+b</sup>2<sup>=c</sup>2^</p>"


The output is not what I expect at all. Am I missing something or is this
actually a bug.
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