SANTA BARBARA-Superconductor Technologies Inc. (STI) and Conductus Inc. announced plans to merge under the STI name, with Conductus becoming an STI subsidiary.
At the close of the merger, expected by year-end, the combined company will receive a $15 million investment, through a private placement from shareholders and affiliated entities, led by Alloy Ventures. Conductus shareholders will receive .6 shares of newly issued STI common stock for each outstanding Conducts share.
STI will continue to be headquartered in Santa Barbara and Conductus’ Sunnyvale, Calif., facility will be maintained.
