Applied UV (NASDAQ:AUVI) is in the news Tuesday as shares of AUVI stock soar after announcing its acquisition of Akida Holdings.
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.