Brief: Superconductor Technologies And Allied Integral United Announce Merger Deal

Clearday

03/03/2020 12:01

March 3 (Reuters) - Superconductor Technologies Inc
 SCON.O :
    * SUPERCONDUCTOR TECHNOLOGIES AND ALLIED INTEGRAL UNITED,
INC.
(“CLEARDAY”) ANNOUNCE MERGER AGREEMENT
    * SUPERCONDUCTOR TECHNOLOGIES INC - WHOLLY-OWNED SUBSIDIARY
OF STI
WILL MERGE WITH AND INTO CLEARDAY IN A STOCK-FOR-STOCK
TRANSACTION WITH CLEARDAY
    * SUPERCONDUCTOR TECHNOLOGIES INC - UPON COMPLETION OF
MERGER, STI
WILL CHANGE ITS NAME TO CLEARDAY, INC
    * SUPERCONDUCTOR TECHNOLOGIES INC - NO FINANCING IS REQUIRED
UNDER
MERGER AGREEMENT
    * SUPERCONDUCTOR TECHNOLOGIES- FOLLOWING MERGER, JAMES
WALESA WILL
BE APPOINTED TO SERVE AS POST-MERGER COMBINED COMPANY'S
CHAIRMAN, PRESIDENT AND CEO
    * SUPERCONDUCTOR TECHNOLOGIES INC - BOARD OF DIRECTORS FOR
POST-MERGER COMBINED COMPANY WILL BE COMPRISED OF FIVE DIRECTORS
    * SUPERCONDUCTOR TECHNOLOGIES - CLEARDAY'S EXECUTIVE AND
MANAGEMENT TEAM TO BE APPOINTED AS EXECUTIVE AND MANAGEMENT TEAM
OF COMBINED COMPANY
    * SUPERCONDUCTOR TECHNOLOGIES INC - MEMBERS OF STI EXECUTIVE
TEAM
ARE EXPECTED TO SUPPORT CLEARDAY TRANSITION
    * SUPERCONDUCTOR TECHNOLOGIES INC - PRE-MERGER STI
STOCKHOLDERS
WILL OWN ABOUT 3.7% OF POST-MERGER COMBINED COMPANY
    * SUPERCONDUCTOR TECHNOLOGIES INC - PRE-MERGER CLEARDAY
STOCKHOLDERS WILL OWN ABOUT 96.3% OF POST-MERGER COMBINED
COMPANY

Source text for Eikon:  ID:nGNX7V5Dq2 
Further company coverage:  SCON.O 

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