Applied UV (NASDAQ: AUVI) shares are soaring on Tuesday after the infection control technology company announced its wholly-owned subsidiary SteriLumen, has closed the acquisition of substantially all of Akida Holdings' assets.
The acquisition includes 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 in cash. Neither company will assume any long-term debt or non-operating liabilities of Akida.
The Airocide system was initially developed for NASA by the University of Wisconsin. The product is a medical-grade, airborne pathogen killing technology that uses a patented combination of UVC and a proprietary titanium dioxide-based photocatalyst.
Akida’s Aircode products have been adopted across various industries, including resorts and hotels, hospitals, nursing homes, food distribution buildings and retail sectors. The company’s revenue for the full calendar year 2020 is estimated to be $4.7 million with EBITDA of approximately $921,000.
“Our companies share a similar focus on infection control across a range of healthcare, hospitality, and commercial customers. Combined, we will offer a broader set of customers a more diversified selection of infection control products and services,” commented Q Saeed, CEO of Applied UV.
After an enormous surge, Applied UV’s shares are currently trading at $23.72, up 357.92% on the day.