Allied Integral United, Inc. Announces Support for Superconductor Technologies, Inc. Stock Split; Reiterates Intent to Pursue Previously Announced Merger
September 04, 2020 12:37 PM Eastern Daylight Time
SAN ANTONIO, Texas–(BUSINESS WIRE)–Allied Integral United, Inc., which conducts its innovative care and wellness businesses under its Clearday™ brand (“Clearday”), announced today that it has voted in favor of all of the proposals submitted by Superconductor Technologies Inc. (NASDAQ: SCON) to its shareholders at its annual meeting of stockholders, including the election of Jeffrey A. Quiram as the Class 1 director, the appointment of Marcum LLP as the SCON auditor and the approval of the proposed Reverse Stock Split.
As previously disclosed, on February 26, 2020, STI, AIU Special Merger Company, Inc., a Delaware corporation and wholly-owned subsidiary of STI (Merger Sub), and Allied Integral United, Inc., a Delaware corporation (referred to as Clearday), entered into an Agreement and Plan of Merger (as amended on May 12, 2020), pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Clearday, with Clearday continuing as a wholly-owned subsidiary of STI, and STI would amend its certificate of incorporation to effect a reverse stock split of its shares of common stock, par value $0.001 per share and change its name to Clearday, Inc.
Clearday announced today that it confirms its intention to (1) vote in favor of the proposed Reverse Stock Split at the September 8, 2020 meeting of the stockholders of SCON which will enable SCON to have a bid price that satisfies the minimum Nasdaq requirement and (2) pursue the previously announced merger with SCON.
Note: This press release is not a solicitation of any vote or approval of any stockholder of Superconductor Technologies Inc. or a solicitation by or on behalf of Clearday of the power to act as proxy for any such stockholder.
Clearday is an innovative longevity care and wellness company, with a modern, hopeful vision for making high quality care options more accessible, affordable, and empowering for older Americans and those who love them. Through our subsidiary Memory Care America (MCA), we operate a network of highly rated residential memory care communities in four U.S. states. With our Clearday at Home™ and Clearday Clubs™ concepts, we are bringing the same standard of excellence found in our MCA residential facilities to in-home digital care and daytime-only care models that are dramatically less expensive than residential care options.