Shares of Applied UV (AUVI) surged 156% on new acquisition. The company has acquired the Airocide Technology Platform for Airborne Pathogen Reduction. The technology platform was developed with NASA as a patent pathogen killing technology.
Airocide air disinfection technology compliments and expands the SteriLumen platform, together providing a more comprehensive solution for air and surface
The company announced it has closed on the acquisition by its wholly-owned subsidiary, SteriLumen, Inc. (“SteriLumen”), of substantially all of the assets of Akida Holdings LLC, (“Akida”), including all of the rights to manufacture and sell the Airocide® System of patented, air disinfection and purification technologies, for 1.375 million common shares of Applied UV stock and $901,274.96 in cash.
Neither SteriLumen nor Applied UV will assume any long-term debt or non-operating liabilities of Akida. Airocide® products have seen broad adoption across all major markets including resorts and hotels, hospitals and nursing homes, food distribution and wine making commercial buildings, and retail sectors.
Akida’s revenue for the full calendar year 2020 is estimated to be $4.7 million with EBITDA of approximately $921,000. The agreement has been unanimously approved by the Boards of Directors of both companies.