Applied UV, Inc. Retains Legal Counsel to Investigate Potential Illegal Naked Short Selling

Rhea-AI Summary

Applied UV, Inc. (AUVI) has engaged Herrick, Feinstein LLP to investigate potential illegal short selling of its stock. The company suspects illegal trading practices that could harm its market integrity. CEO Max Munn expressed concerns over the situation and stated that the firm aims to protect both the company and its shareholders. Herrick Feinstein will be led by Howard Elisofon, a prominent litigator and former SEC attorney. Applied UV utilizes UVC and catalytic bioconversion technology for air purification, serving high-profile clients including Kaiser Permanente and the U.S. Department of Veterans Affairs.

Positive

• Engaged Herrick, Feinstein LLP to investigate potential illegal short selling, indicating proactive measures to protect shareholders.

Negative

• Suspected illegal short selling may adversely impact the market integrity of the company's stock.

MOUNT VERNON, N.Y.--(BUSINESS WIRE)-- Applied UV, Inc. (Nasdaq CM: AUVI) (“Applied UV” or the “Company”), a global technology leader that applies the power of narrow-range ultraviolet light (“UVC”) and catalytic bioconversion technology for air purification, today announced that it has engaged the services of Herrick, Feinstein LLP to investigate potential illegal short selling of the Company’s stock.

Applied UV has reason to believe that market participants may have engaged in illegal short selling practices, which could adversely impact the market integrity of the Company’s stock. “We are concerned that there may have been certain illegal activities with respect to the trading of our securities, which we cannot tolerate,” said Max Munn, CEO of Applied UV, Inc. “Accordingly, on behalf of the Company, we have engaged outside counsel to aggressively investigate these activities and take whatever steps that are appropriate to protect the Company and its shareholders.”

Herrick Feinstein’s efforts will be led by Mr. Howard Elisofon, a nationally renowned litigator. Mr. Elisofon is a former SEC Trial Attorney and the current Co-Chair of Herrick’s Securities Law & Enforcement Practice.

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About Applied UV

Applied UV, Inc. (“AUVI”) develops and acquires proprietary infection prevention and control technology in the healthcare, commercial & public venue, food processing/storage, cannabis, and education, vertical markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. (“SteriLumen”) and Munn Works, LLC (“Munn Works”). SteriLumen owns and markets a portfolio of products with advanced pathogen elimination technology, branded Airocide ^® by SteriLumen, Scientific Air™ by SteriLumen, Airoclean™ 420 by SteriLumen, and Lumicide™ by SteriLumen.

The Company’s acquisition of Puro Lighting, LLC adds a powerful monitoring software platform that opens new opportunities to inter-connect its portfolio of UV technology solutions. The platform has the potential to elevate Applied UV’s offerings into the IoT space by providing its customers with both products and smart tools to manage and monitor indoor air quality across an enterprise.

Leading organizations globally rely on AUVI’s air purification systems to completely eliminate airborne and surface infections, mold, bacteria, allergens and other contaminants. Our customers include Kaiser Permanente, NY Health+Hospitals, Baptist Health South Florida, Boston Red Sox’s Fenway Park, JetBlue Park, France’s Palace of Versailles, Invited Clubs, Whole Foods, Del Monte Foods, U.S. Department of Veterans Affairs and more.

NASA used Airocide's technology to sanitize the International Space Station.

Scientifically proven to reduce Healthcare Acquired Infections (HAI), Scientific Air™ offers a proprietary 3-stage technology integrating HEPA filters, ultraviolet germicidal light chamber and active carbon substrate.

For information on Applied UV, Inc., and its subsidiaries, please visit the following websites:

https://www.applieduvinc.com
https://www.sterilumen.com
https://airoclean420.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005197/en/

Applied UV Inc.

Max Munn

Applied UV Inc., CEO

max@munnworks.com

Brett Maas, Managing Principal

Hayden IR

brett@haydenir.com

(646) 536-7331

Source: Applied UV, Inc.

FAQ

What company is investigating illegal short selling on stock AUVI?

Applied UV, Inc. is investigating potential illegal short selling of its stock AUVI.

Who is leading the investigation into AUVI's stock illegal short selling?

The investigation into AUVI's stock is being led by Howard Elisofon from Herrick, Feinstein LLP.

What are the concerns regarding the stock AUVI?

The concerns include potential illegal short selling that could adversely impact the market integrity of AUVI's stock.

What is the response from Applied UV regarding the stock AUVI?

CEO Max Munn emphasized the company's commitment to investigating illegal activities and protecting its shareholders.