Applied UV, Inc. Announces Full Exercise of Over-Allotment Option

Rhea-AI Summary

Applied UV, Inc. (NASDAQ:AUVI) announced the complete exercise of an over-allotment option for its Series A Preferred Stock, resulting in the sale of an additional 72,000 shares at $25.00 each, generating $1.8 million. This brings total gross proceeds from the offering to $13.8 million for 552,000 shares. The company aims to use proceeds for general corporate purposes, including investments and acquisitions. The Series A Preferred Stock began trading on July 14, 2021, under the ticker symbol AUVIP.

Positive

• Generated gross proceeds of $1.8 million from the over-allotment option.
• Total gross proceeds from the offering increased to $13.8 million.
• Funding secured for future investments and acquisitions.

Negative

• None.

MOUNT VERNON, NY / ACCESSWIRE / July 29, 2021 / Applied UV, Inc. (NASDAQ:AUVI) ("Applied UV" or the "Company"), an infection prevention technology company that applies the power of narrow-range ultra violet light ("UVC") to destroy pathogens safely, thoroughly, and automatically, today announced the that the underwriters of its 10.5% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock") have exercised in full their over-allotment option to purchase an additional 72,000 shares of Series A Preferred Stock from Applied UV at a price to the public of $25.00 per share for gross proceeds of $1.8 million, prior to deducting underwriting discounts and commissions. After giving effect to the exercise of the over-allotment option, a total of 552,000 shares were sold in the offering, resulting in gross proceeds to Applied UV of $13.8 million.

Shares of Series A Preferred Stock began trading on Nasdaq under the symbol "AUVIP" on July 14, 2021.

The Company has funded a segregated dividend account in an amount equal to the first 12 monthly dividend payments and expects to use the remaining net proceeds for general corporate purposes, including new investments and acquisitions.

Ladenburg Thalmann & Co. Inc. is acting as lead book-running manager for this offering and EF Hutton, division of Benchmark Investments, LLC is acting as joint book-running manager for this offering.

The offering was conducted pursuant to the Company's registration statement on Form S-1 (File No. 333-257197) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") and an additional registration statement filed pursuant to Rule 462(b) which became effective upon filing. A prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may also be obtained from Ladenburg Thalmann & Co. Inc., Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, New York 10019 or by email at prospectus@ladenburg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Applied UV

Applied UV is focused on the development and acquisition of technology that address infection control in the healthcare, hospitality, commercial and municipal markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. ("SteriLumen") and Munn Works, LLC ("Munn Works"). SteriLumen's connected platform for Data Driven Disinfection™ applies the power of ultraviolet light (UVC) to destroy pathogens safely, thoroughly, and automatically, addressing the challenge of healthcare-acquired infections ("HAIs"). Targeted for use in facilities that have high customer turnover such as hospitals, hotels, commercial facilities, and other public spaces, the Company's Lumicide™ platform uses UVC LEDs in several patented designs for infection control in and around high-traffic areas, including sinks and restrooms, killing bacteria, viruses, and other pathogens residing on hard surfaces within devices' proximity. The Company's patented in-drain disinfection device, Lumicide Drain, is the only product on the market that addresses this critical pathogen intensive location. SteriLumen's Airocide® products for air purification, developed by NASA and FDA Cleared as class II medical devices, utilize a proprietary photo-catalytic bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous pathogens, destructive VOCs and biological gasses into harmless water vapor without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine making facilities, commercial real estate, schools, dental offices, and homes.

For more information about Applied UV, Inc., and its subsidiaries, please visit the following websites:

https://www.applieduvinc.com/;

https://sterilumen.com/; and,

https://munnworks.com/.

Forward-Looking Statements

The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of Applied UV concerning the closing of the public offering, its business strategy, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results.

Contact:

Applied UV Investor Relations

Kevin McGrath
TraDigital IR
+1-646-418-7002
kevin@tradigitalir.com

SOURCE: Applied UV, Inc.

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FAQ

What is the significance of the over-allotment option for Applied UV (AUVI)?

The over-allotment option allows Applied UV to increase its total gross proceeds from the Series A Preferred Stock offering to $13.8 million, enhancing capital for investments.

What was the public offering price for the Series A Preferred Stock of Applied UV (AUVI)?

The Series A Preferred Stock was offered to the public at a price of $25.00 per share.

When did the Series A Preferred Stock begin trading on Nasdaq under AUVI?

The Series A Preferred Stock began trading on Nasdaq on July 14, 2021.

How does Applied UV plan to use the proceeds from the stock offering?

Applied UV plans to use the proceeds for general corporate purposes, including new investments and acquisitions.

How many shares of Series A Preferred Stock were sold in total by Applied UV?

A total of 552,000 shares of Series A Preferred Stock were sold in the offering.