Stock Alert: Superconductor Technologies Inc. (SCON) Shares Rally On Merger

(RTTNews) - Shares of Superconductor Technologies Inc. (SCON) nearly doubled in the pre-market session today, after the company announced a merger agreement with Allied Integral United Inc.

The stock has been trading between $0.12 and $2.58 in the past one year, and closed Monday's trading session at $0.19, up $0.01 or 6.43%.

Superconductor Technologies entered into a definitive merger agreement with Allied Integral United Inc. (Clearday), whereby a wholly-owned subsidiary of SCON will merge with and into Clearday in a stock-for-stock transaction. Upon completion, SCON investors will own about 3.7% of the combined company.

Further, Superconductor Technologies would change its name to Clearday Inc. The combined company will focus on the development of Clearday's non-residential daily care service model as well as the continued operation of Clearday's existing Memory Care America residential memory care facilities.