Applied UV Plunges After $5M Equity Offering
Portfolio Pulse from Shivani Kumaresan
Applied UV Inc (NASDAQ:AUVI) has priced its underwritten public offering of 5 million shares and pre-funded warrants at $1 per share, with a 45-day option for the underwriter to purchase up to 750,000 additional shares. The company plans to use the net proceeds for general corporate purposes, including new investments.
June 16, 2023 | 2:22 pm
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Applied UV's stock price plunged 41.6% after announcing a $5M equity offering at $1 per share.
Applied UV's stock price plunged due to the announcement of the equity offering, which is priced at $1 per share, significantly lower than the current market price. This dilutes the value of existing shares and indicates that the company may be in need of cash, leading to a negative short-term impact on the stock price.
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