Applied UV Stock (AUVI): Why The Price Dropped Today

By Amit Chowdhry ● Dec 27, 2021
  • The stock price of Applied UV Inc (NASDAQ: AUVI) fell by over 11% during intraday trading today. This is why it happened.

The stock price of Applied UV Inc (NASDAQ: AUVI) – a pathogen elimination technology company that applies the power of narrow-range ultraviolet light (UVC) for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically – fell by over 11% during intraday trading today. Investors are responding negatively to Applied UV announcing that an initial review of the operations, supply chain, manufacturing, new product development, logistics and distribution processes of the recently acquired acquisitions, (Akida Holdings, Kes Science and Technology and Scientific Air Management) has been completed. 

As part of an effort to maximize synergies amongst them, the company has elected to relocate Applied UV’s Denver operations to Atlanta, Georgia utilizing the Kes Science and Technology facility. The company has also consolidated the operations of its recently acquired Scientific Air Management to the Kes Science Facility in Atlanta, Georgia.

Plus the Applied UV Board of Directors has also unanimously approved and promoted John J. Hayman, III., the CEO and President of our wholly owned and recently acquired KES Science and Technology from SVP of Operations to serve as Applied UV’s Interim Chief Operating Officer. Hayman served as Kes Science’s President and CEO for 18 years leading the company’s growth, R&D, and new product development. Prior to Kes, Hayman was an accountant where he earned his COA Certification and ended his tenure as a Certified Public Account with KMPG. Hayman replaces James L. Doyle III.

The company was notified on December 21st, 2021 that James Alecxih, Applied UV’s Chief Executive Officer and a Director of the Board of Directors resigned. Alecxih’s resignation was for personal reasons and not a result of any disagreement with the company on any matter relating to operations, policies, or practices. 

Max Munn, Founder, President of Applied UV as well as a Director on the Board of Directors and largest stakeholder, was named Interim Chief Executive Officer.

KEY QUOTE:

“In addition to the consolidation of facilities, for the purpose of facilitating the reduction of duplicated costs and maximize synergies across all platforms, we plan to also consolidate our entire marketing efforts which we believe will further enhance the opportunity to increase and grow revenues through the cross sales and marketing of all the acquired company’s various product lines and verticals served through our extensive, existing global distribution channels.”

— Max Munn

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.