Applied uv announces closing of $6.4 million upsized underwritten public offering

Mount vernon, ny, nov. 16, 2023 (globe newswire) -- via newmediawire - applied uv, inc. (nasdaq: auvi; auvip) (“applied uv” or the “company”), a global leading provider of advanced food security and air and surface disinfection technology, today announced the closing of a underwritten public offering with gross proceeds to the company of approximately $6.4 million, before deducting underwriting discounts and other estimated expenses payable by the company. the offering was upsized from $6.0 million. the base offering consisted of 42,666,666 units or pre-funded units (the “units”), each unit consisting of one share of common stock (“common stock”) or one pre-funded warrant (“pre-funded warrant”) to purchase one share of common stock in lieu thereof, one-tenth (1/10) of a series a warrant (“series a warrant”) to purchase one share of common stock at an exercise price of $1.50 per share and one-tenth (1/10) of a series b warrant to purchase one share of common stock at an exercise price of $3.00 per share (“series b warrant” and, together with the series a warrant, the “warrants”). the units were offered at a price of $0.15 per unit. the purchase price of each unit including a pre-funded warrant is equal to the price per unit including one share of common stock, minus $0.00001, and the remaining exercise price of each pre-funded warrant is equal to $0.00001 per share. the pre-funded warrants are immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. the company used some of the net proceeds from this offering for repayment of a note, and intends to use the rest of the net proceeds for general corporate purposes, including working capital.
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