Wednesday, September 29, 2021 7:37:59 AM
Applied UV's (NASDAQ:AUVI) rallied 34% higher premarket after its wholly-owned subsidiary SteriLumen closed on the acquisition of substantially all of the assets of privately-held KES Science & Technology and JJS Technologies including all the rights to manufacture and sell all of its patented, air disinfection and purification technologies, for $4.3M in cash and 300K shares of Applied UV stock.
Neither SteriLumen nor Applied UV will assume any long-term debt or non-operating liabilities of KES.
The current acquisition and Akida deal in February, Applied UV presence will be boosted in major markets including food distribution, cannabis and post-harvest, wineries, and retail sectors.
KES is expected to contribute ~$5-7M in revenue in 2022 and be immediately accretive to Applied UV's EPS.
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