AeroClean Tech jumps on Molekule merger

Molekule

04/10/2022 11:11

** AeroClean Technologies Inc  AERC.O  shares up ~40% at
$4.49 premarket after co announces merger
    ** Air purification co late Mon said will combine with
Molekule in all-stock deal  urn:newsml:reuters.com:*:nGNX81WCzc
    ** Under merger agreement, AeroClean stockholders will own
50.5% and Molekule stockholders will own 49.5% of combined firm
    ** Deal expected to close in first half of 2023
    ** AeroClean to change its name to Molekule, Inc and ticker
to "MKUL"
    ** On pro forma basis, combined firm expected to generate
~$45 mln of revenues in FY 2022 and have ~$30 mln in cash and
long-term debt of ~$37 mln, per the statement
    ** AeroClean has ~$50 mln market cap, per Refinitiv. It went
public last Nov after 2.5 mln share IPO priced at $10 and stock
rocketed as high as $117.35 just days later  urn:newsml:reuters.com:*:nL1N2SF2A4
    ** In 2022, AERC has traded in range of $1.76-$23.70
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))