12:46 PM EDT, 04/01/2024 (MT Newswires) -- Applied UV (AUVI) were down 12% Monday after it said it completed a $2.8 million direct offering and private placement of common shares and common warrants.

The company issued about 1.7 million shares, or pre-funded warrants in their place, to investors at $1.60 apiece in the direct offering. The private placement consisted of five-year warrants to buy up to 518,065 additional shares at an initial exercise price of $16 each.

Applied is expecting to use net proceeds to help fund recent large orders within its smart building technologies division from customers that include Siemens, Sherwin-Williams (SHW) and Arco Murray.

Price: 1.31, Change: -0.18, Percent Change: -12.16