Superconductor Technologies Inc. (STI) reported it entered into a definitive merger agreement with Allied Integral United, Inc. Upon completion of the merger, STI will change its name to Clearday, Inc. Following the merger, James Walesa, Chief Executive Officer and Chairman of Allied Integral United, Inc. known as Clearday will be appointed to serve as the post-merger combined company's chairman, president and chief executive officer. The board of directors for the post-merger combined company will be comprised of five directors, with Clearday nominating four of the five directors, three of who will be independent. Clearday's executive and management team to be appointed as the executive and management team of the combined company.

Members of the STI executive team are expected to support the Clearday transition. Jeff Quiram, STI's Chief Executive Officer, is expected to be a director on the board, but is not entering any employment or consulting agreements.