Applied UV Announces Offering of Preferred Stock

Rhea-AI Summary

Applied UV, Inc. (NasdaqCM:AUVI) has announced a public offering of 10.5% Series A Cumulative Perpetual Preferred Stock. The company aims to use the proceeds to fund a segregated dividend account for the first year of dividend payments and for general corporate purposes, including potential investments and acquisitions. The offering is subject to market conditions, and there's no guarantee on its completion. Ladenburg Thalmann & Co. Inc. is the lead manager for the offering.

Positive

• Net proceeds will fund a segregated account for dividend payments, ensuring liquidity for the first year.
• Potential for growth through new investments and acquisitions.

Negative

• Offering may dilute existing shareholders if additional shares are issued.
• Market uncertainty regarding the completion and terms of the offering.

Proceeds to be used for general corporate purposes, including new investments and potential future acquisitions

MOUNT VERNON, NY / ACCESSWIRE / June 28, 2021 / Applied UV, Inc. (NasdaqCM:AUVI) ("Applied UV" or the "Company"), an infection control 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, announced the commencement of an underwritten public offering of its 10.5% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"). Applied UV expects to grant the underwriters a 45-day option to purchase additional shares of the Series A Preferred Stock in connection with the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Company expects to use the net proceeds of this offering to fund a segregated dividend account in an amount equal to the first 12 monthly dividend payments and the remaining net proceeds for general corporate purposes, including new investments and acquisitions.

Ladenburg Thalmann & Co. Inc. is acting as lead bookrunning manager for this offering and EF Hutton, division of Benchmark Investments, LLC is acting as joint bookrunning manager for this offering.

The offering of these securities is being made pursuant to a registration statement on Form S-1, including the preliminary prospectus included therein, which was initially filed with the Securities and Exchange Commission ("SEC") on June 21, 2021 and has not yet been declared effective, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. Copies of the preliminary prospectus for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting Ladenburg Thalmann & Co. Inc., Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, New York 10017 or by email at prospectus@ladenburg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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® products for air purification, developed by NASA and FDA Cleared as class II medical devices, utilize a proprietary photo-catalytic bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous pathogens, destructive VOCs and biological gasses into harmless water vapor without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine making facilities, commercial real estate, schools, dental offices, and homes.

For more information about Applied UV, Inc., and its subsidiaries, please visit the following websites: https://www.applieduvinc.com/; https://sterilumen.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.

Contact:

Applied UV Investor Relations

Kevin McGrath
TraDigital IR
+1-646-418-7002
kevin@tradigitalir.com

SOURCE: Applied UV, Inc.

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FAQ

What type of offering did Applied UV announce?

Applied UV announced a public offering of its 10.5% Series A Cumulative Perpetual Preferred Stock.

What will the proceeds from the offering be used for?

The proceeds are intended for a segregated dividend account and general corporate purposes, including investments and acquisitions.

Who is managing the public offering for Applied UV?

Ladenburg Thalmann & Co. Inc. is acting as the lead bookrunning manager for the offering.

What risks are associated with the offering?

The offering may lead to shareholder dilution and is subject to market conditions, with uncertainty on completion.

When was the offering announced?

The offering was announced on June 28, 2021.