Applied UV, Inc. Announces Closing of $2.76 Million Registered Direct and Private Placement

NEW YORK, NY, April 01, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Applied UV, Inc. (NASDAQ: AUVI) (the “Company”), a leader in smart building technology solutions, today announced the closing of its previously announced registered direct offering and concurrent private placement with institutional investors. The Company issued shares of common stock of the Company (“Common Stock”) and pre-funded warrants (“Pre-Funded Warrants”) in a registered direct offering. In a concurrent private placement, the Company also issued common warrants (“Common Warrants”) to the same investors. Aggregate gross proceeds to the Company from both transactions were approximately $2.76 million. The transactions closed on April 1, 2024.  The transactions were priced at the market under Nasdaq rules.

The transactions consisted of (i) the public sale of an aggregate of 1,726,875 shares of Common Stock (or Pre-Funded Warrants in lieu thereof) and (ii) the private placement of Common Warrants to purchase up to 518,065 shares of Common Stock at an initial exercise price of $16.00 per share. The public offering price per share of Common Stock is $1.60 (or $1.5999 for each Pre-Funded Warrant, which is equal to the public offering price per share of Common Stock to be sold in the offering minus an exercise price of $0.0001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. The Common Warrants are exercisable immediately subject to registration and expire 5 years after the initial issuance date. The Company expects to use the net proceeds from the offering to help fund recent large orders within the Smart Building Technologies division from customers including: Siemens, Sherwin Williams and Arco Murray and other general corporate purposes.

Aegis Capital Corp. acted as the exclusive placement agent for the offerings. Sichenzia Ross Ference Carmel LLP acted as counsel to the Company for the offerings. Kaufman & Canoles, P.C. acted as counsel to the Placement Agent for the offerings.

The registered direct offering was being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-266015) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on July 12, 2022. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering has been filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [e-mail], or by telephone at [phone].