Applied UV (NASDAQ:AUVI) is in the news Tuesday as shares of AUVI stock soar after announcing its acquisition of Akida Holdings.
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Here’s everything investors need to know about AUVI stock and what the recent deal means for it.
- Applied UV is a company focused on developing and acquiring tech that can reduce infection in healthcare, hospitality, commercial and municipal settings.
- It mainly does so through its subsidiaries SteriLumen and Munn Works.
- This has it making use of ultraviolet light to destroy pathogens.
- This means it is effective at killing the human coronavirus.
- The novel coronavirus behind the current pandemic is of a similar genetic structure to the human one.
- As such, ultraviolet light is also effective at killing it.
- SteriLumen is specifically the subsidiary that acquired Akida Holdings.
- The purchase was funded with 1.375 million of AUVI stock and $901,274.96 in cash.
- The estimated revenue reported by Akida Holdings in 2020 was $4.7 million.
- Akida Holdings is the maker of the patented Airocide System for air disinfection and purification.
- This is a device that uses ultraviolet light and a proprietary titanium dioxide-based photocatalyst to kill airborne pathogens.
- The U.S. Army is among the organizations that are making use of the Airocide System.
- The Airocide System was initially developed for NASA by the University of Wisconsin.
AUVI stock was up 358% as of noon Tuesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
