Applied UV, Inc. (AUVI) stock plunged 22.07% in the pre-market trading session at the price of $2.79 after announcing the underwritten public offering of $8.0M. Applied UV develops and commercializes the technology to address infection control in the healthcare, municipal and commercial markets.
AUVI Announced $8.0M Public Offering
On 28th December 2021, AUVI published an underwritten public offering of 2,666,667 shares of its common stock. The offered common stock shares have a price of $3.00 per share. The company has also given an option to purchase an additional 400,000 shares at the public offering price.
AUVI expects gross proceeds from the offering to be roughly $8.0M. The company will utilize the net proceeds from the offering for upcoming investments, acquisitions, and other general corporate purposes. The offering will close on 31st December 2021 and is subject to customary closing conditions.
AUVI Consolidated Operations
On 27th December 2021, AUVI published the completion of an initial review of the manufacturing, operations, supply chain, logistics, and development of its acquired acquisitions. The company has also planned to transfer its Denver operations to Atlanta, Georgia. Moreover, it has consolidated the operations of its Scientific Air Management to the KES Science Facility in Atlanta.
Promotion of John J. Hayman
Additionally, on 27th December 2021, AUVI has promoted the CEO of KES Science and Technology, John J. Hayman, from SVP Operations to Acting COO. Mr. John has replaced James L. Doyle III. He has served as CEO and President of Kes Science for 18 years. Earlier on 21st December 2021, Founder and President of AUVI, Max Munn, has appointed as Interim CEO.
AUVI Approved Preferred Stock Dividend
On 23rd December 2021, AUVI revealed the approval of cash dividends by its board of directors for the holders of its Preferred Stock. Holders of the 10.5% Series A Cumulative Perpetual Preferred Stock will acquire a cash dividend of $0.21875 per share. The company will pay cash dividends to respective holders on 17th January 2022.