Applied UV soars on acquiring two private companies to expand distribution

Acuity

20/12/2022 13:10

** Shares of air purification tech firm Applied UV  AUVI.O 
up 39.5% at $1.45 premarket
    ** Co acquires privately held Puro Lighting LLC and LED
Supply Co in a bid to expand distribution and sales capabilities
of its disinfection devices
    ** Adds the acquisitions would effectively double the size
of the company with additional revenue of $18 mln and position
it to generate revenue of about $45-$50 mln in FY 2023
    ** AUVI seeks to build upon Puro's existing strong
commercial relationship with industrial technology company
Acuity Brands Inc  AYI.N  
    ** The combined deal value of these acquisitions is about
$20 mln and will be paid by cash and restricted common and
restricted preferred shares - AUVI
    ** Stock down 61.5% YTD, as of last close
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))