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Applied UV, Inc. (NASDAQ:AUVI, AUVIP))))) ("Applied UV" or the "Company"), a leader in smart building technology solutions, today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of common stock of the Company ("Common Stock") and pre-funded warrants ("Pre-Funded Warrants") in a registered direct offering. In a concurrent private placement, the Company also agreed to sell to the same investors, common warrants ("Common Warrants"). Aggregate gross proceeds to the Company from both transactions are expected to be approximately $2.76 million, the maximum availability under the effective shelf registration statement.
The transactions consist of (i) the public sale of an aggregate of 1,726,875 shares of Common Stock (or Pre-Funded Warrants in lieu thereof) and (ii) the private placement of Common Warrants to purchase up to 518,065 shares of Common Stock at an initial exercise price of $16.00 per share. The public offering price per share of Common Stock is $1.60 (or $1.5999 for each Pre-Funded Warrant, which is equal to the public offering price per share of Common Stock to be sold in the offering minus an exercise price of $0.0001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Warrant sold in the offering, the number of shares of Common Stock in the offering will be decreased on a one-for-one basis. The Common Warrants are exercisable immediately subject to registration and expire 5 years after the initial issuance date.
The transactions are expected to close on or about April 1, 2024, subject to the satisfaction of customary closing conditions.
The Company expects to use the net proceeds from the offering to help fund recent large orders within the Smart Building Technologies division from customers including: Siemens, Sherwin Williams and Arco Murray and other general corporate purposes.
Aegis Capital Corp. is acting as the exclusive placement agent for the offerings. Sichenzia Ross Ference Carmel LLP is serving as counsel to the Company for the offerings. Kaufman & Canoles, P.C. is serving as counsel to the Placement Agent for the offerings
Posted In: AUVI
