Why Applied UV (AUVI) Stock Is Getting Hammered
Portfolio Pulse from Henry Khederian
Applied UV Inc (NASDAQ:AUVI) stock plummeted by 43% to $0.15 after the company announced the pricing of its public offering at $0.15 per unit, aiming to raise $6.4 million in gross proceeds. The offering was increased from $6.0 million and includes options for Aegis Capital Corp. to buy additional shares and warrants. The funds are intended for repaying notes and general corporate purposes, with the offering expected to close on November 16.
November 14, 2023 | 5:18 pm
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Applied UV's stock price has significantly dropped due to the pricing of its public offering at $0.15 per unit, which is also the current trading price, indicating dilution for existing shareholders.
The sharp decline in Applied UV's stock price is a direct result of the public offering pricing, which matches the current low trading price, suggesting significant dilution for current shareholders. This typically leads to negative sentiment in the short term as the market absorbs the increased share supply.
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