NEW YORK, NY – (NewMediaWire) – Applied UV, Inc. (“Applied UV” or the “Company”) (Nasdaq: AUVI), a leader in global food security, air quality, and specialty building solutions, today announced that it will effect a 1-for-25 reverse stock split (“Reverse Stock Split”) of its issued and outstanding common stock, par value $0.0001 per share (“Common Stock”). The Reverse Stock Split will become effective at 12:01am, Eastern Time, on December 12, 2023. As of that time, each 25 shares of issued and outstanding Common Stock will be converted into one share of Common Stock. Proportional adjustments also will be made to outstanding equity awards, warrants and convertible notes, and to the number of shares issued and issuable under the Company’s stock incentive plans and certain existing agreements. The Reverse Stock Split will not change the par value of the Common Stock, nor change the total number of authorized shares or shares issued and outstanding of preferred stock or any series of preferred stock. No fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up. The Reverse Stock Split will affect all common stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity.
Applied UV’s Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “AUVI” and will begin trading on a split-adjusted basis when the market opens on December 12, 2023. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 037988300.
The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. There is no guarantee the Company will meet the minimum bid price requirement.
The Company’s board of directors approved a reverse stock split of up to 1- for-25 shares at their October 30, 2023 board meeting. The Company is a Nevada corporation, and pursuant to the Nevada Revised Statutes, shareholder approval was not required to effect the Reverse Stock Split since in the Reverse Stock Split the Company’s total number of authorized shares of common stock (150,000,000) will also be decreased at the same ratio (1-for-25) as the issued and outstanding shares of Common Stock.
About Applied UV
Applied UV, Inc. engages in the pursuit of technologies focused on global food security, air quality, and specialty building solutions tailored for the commercial and hospitality sectors.
More details about Applied UV, Inc., and its subsidiaries can be found at https://applieduvinc.com.