Applied UV, Inc. (AUVI) stock plunged further deep in the premarket session after the announcement of an $8 million public offering. At the time of writing, AUVI stock was down by 17.04% at $2.97 in the premarket on December 29.
In the previous session, the stock had subtracted 12.90% at the closing price of $3.58 with 676.3K shares exchanging.
Founded in 2019, Applied UV, Inc. develops and acquires technology that addresses infection prevention. Currently, the company’s 10.11 million outstanding shares trade at a market capitalization of $41.88 million. Furthermore, AUVI has subtracted 23.01% in the past five days and 22.00% year to date.
AUVI’s Public Offering
On December 28, the company announced the pricing of an underwritten public offering. At a price of $3.00 per share, 2,666.667 shares of AUVI’s common stock are offered. Moreover, the offering will result in gross proceeds of $8.0 million approximately, less discounts and commissions, etc.
Furthermore, the underwriters are also granted a 45-day option for buying 400,000 additional shares of the common stock. The per-share price of the additional shares will be the same as the original offering. Moreover, the expected closing of the offering is on or about December 31, 2021.
In addition, the acting sole book-running manager of the offering is EF Hutton, a division of Benchmark Investments, LLC. Further, the net proceeds from the offering are intended to be used for general corporate purposes by AUVI.
Monthly Dividend
On December 23, AUVI announced monthly cash dividends to holders of its 10.5% Series A Cumulative Perpetual Preferred Stock. The company’s board of directors declared a monthly dividend of $0.21875 per share for the mentioned shareholders. Moreover, the record date for the preferred dividend is January 4, 2022. The preferred dividend would be paid on or about January 17, 2022.
AUVI’s Financial Highlights
On November 16, the company declared its financial results for the third quarter of 2021.
As per the results, AUVI had net sales of $3,551,564 in the third quarter of 2021. This shows an increase of 127.6% from $1,560,633 in the third quarter of 2020.
Moreover, the company incurred a net loss of $1,080.805 in the third quarter of 2021. Comparatively, net loss in the third quarter of 2020, was $890,559. While the net loss did decrease year over year, it improved over 49% against the previous quarter.
At the end of the quarter, AUVI had cash of $11.7 million on its consolidated balance sheet.
