Clearday Announces Expected Continuation of the Merger Agreement With Superconductor Technologies Inc.
September 30, 2020 11:10 AM Eastern Daylight Time
SAN ANTONIO–(BUSINESS WIRE)–Allied Integral United, Inc., which conducts its innovative care and wellness businesses under its CleardayTM brand (“Clearday”), announced today its intention to continue its previously announced merger process with Superconductor Technologies Inc. (“STI”).
STI (NASDAQ: SCON) today announced that the Nasdaq Hearing Panel (the “Panel”) determined to delist the shares of STI’s common stock from The Nasdaq Stock Market for the reasons previously announced by STI, and that the Panel indicated that the Nasdaq Stock Market will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission, after applicable appeal periods have lapsed.
Clearday today announced that it is continuing the merger process with STI and expects to soon agree to an extension of the “outside date” of its merger agreement with STI. Clearday has reaffirmed to STI that the Nasdaq listing of STI’s common stock continues to not be a condition to the closing of the merger and that, as provided in the merger agreement, the parties shall continue to use their commercially reasonable efforts to cause STI to become listed on either the Nasdaq Capital Market or another national stock exchange in connection with the merger.
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. Learn more about Clearday at www.myclearday.com.