By Chris Wack
Applied UV shares experienced a significant 44% drop to a new 52-week low of 15 cents following the pricing of an underwritten public offering. The company raised $6.4 million in proceeds from this offering.
Over the past 12 months, the stock has seen a staggering decline of 97%, indicating a challenging period for the company.
Initially planned for $6 million, the offering was upsized to accommodate demand and ultimately raised $6.4 million.
The base offering consists of 42.7 million units or pre-funded units. Each unit is composed of either one share or one pre-funded warrant, with an offering price of 15 cents per unit. Notably, the pre-funded warrants are immediately exercisable and can be exercised at any time.
Utilization of Proceeds
The company plans to allocate the proceeds from this offering towards the repayment of notes, as well as for general corporate purposes, including working capital.
Applied UV has also granted Aegis Capital Corp. a 45-day option to purchase additional shares and/or pre-funded warrants. This option represents up to 15% of the total number of shares and/or pre-funded warrants sold in the offering.
The closing of the offering is scheduled for Thursday.