Applied UV Tumbles After Pricing Public Offering

By Sam Boughedda — Applied UV Inc (NASDAQ:), the company focused on technologies that address infection prevention, saw its shares weaken Wednesday after pricing its public offering at a more than 16% discount to its closing price on Tuesday.

Applied UV shares hit a low of $2.45 following the announcement. At the time of writing, they sit 24% below Tuesday’s close at $2.71.

The company priced its underwritten offering of 2.7 million shares of common stock at $3 per share. The company plans to raise $8 million from the offering.

In addition, they have granted the underwriters a 45-day option to purchase up to an additional 400,000 shares of common stock at the public offering price. The company told investors it hopes to use the money raised for general corporate purposes, including new investments and acquisitions.

On Monday, the New York-based company announced that its CEO had resigned for personal reasons. Max Munn, founder, president and director was appointed interim CEO

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