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Applied UV Announces Common Stock Repurchase Program
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Applied UV (AUVI) has authorized a common share repurchase program to buy back up to one million shares, representing 13.5% of its public float. This initiative signals the company's commitment to enhancing shareholder value, supported by a strong balance sheet. Interim CEO Max Munn emphasized that the program reflects the company's strategic priorities and growth expectations for 2022. The repurchase program is effective immediately, with the management team authorized to conduct open market repurchases until September 30, 2022.
Positive
Share repurchase program authorized for up to one million shares (13.5% of public float), enhancing shareholder value.
Strong balance sheet supports the repurchase initiative and underscores confidence in future performance.
Negative
None.
MOUNT VERNON, N.Y.--(BUSINESS WIRE)--
Applied UV, Inc. (NasdaqCM: AUVI) (“Applied UV” or the “Company”), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light (“UVC”) for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, announces that its Board of Directors (the “Board”) has authorized a common share repurchase program to repurchase up to one million shares (13.5% of the Company’s public float) of the Company’s outstanding common stock. The share repurchase authorization is effective immediately and the Company’s management team may make open market repurchases of the Company’s common stock as authorized until September 30, 2022.
Max Munn, Applied UV’s interim CEO stated, “The Board’s decision to authorize this share repurchase program reflects the Company’s commitment to creating shareholder value, our strong balance sheet and the expectations we have for 2022.”
Mr. Munn further stated, “The Company will continue its ongoing efforts to create shareholder value by prioritizing capital allocations that support its business plan and growth strategy.”
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® air purification devices are research backed, clinically proven, and developed for NASA with assistance from the University of Wisconsin. Airocide® is listed as an FDA Class II Medical device, utilizes a proprietary photocatalytic (PCO) bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous airborne pathogens, destructive VOCs, allergens, odors and biological gasses into harmless water vapor and green carbon dioxide without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine making facilities, commercial real estate, schools, dental offices, post-harvest, grocery, cannabis facilities and homes. For more information about Applied UV, Inc., and its subsidiaries, please visit the following websites: https://www.applieduvinc.com/; https://sterilumen.com/; https://www.airocide.comhttps://kesscience.com; https://scientificairmanagement.comwww.airoclean420.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 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.
