- The stock price of Applied UV Inc (NASDAQ: AUVI) fell by over 17% pre-market today. This is why it happened.
The stock price of Applied UV Inc (NASDAQ: AUVI) – an industry leader in air and surface pathogen elimination technology – fell by over 17% pre-market today. Investors are responding negatively to the company announcing the pricing of its underwritten public offering of 2,666,667 shares of common stock at a public offering price of $3.00 per share, for aggregate gross proceeds of approximately $8.0 million, prior to deducting underwriting discounts, commissions, and other offering expenses.
Plus the company has granted the underwriters a 45-day option to purchase up to an additional 400,000 shares of common stock at the public offering price per share, less the underwriting discounts and commissions, to cover over-allotments if any. This offering is expected to close on or about December 31, 2021, subject to satisfaction of customary closing conditions.
The company expects to use the net proceeds of this offering for general corporate purposes, including new investments and acquisitions.
EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.