Acquisition Announcement Causes Premarket Buying Pressure

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, December 20, 2022

A New York-based micro cap is turning heads on Tuesday morning after it was announced that the company has agreed to acquire PURO Lighting and LED Supply in deals valued at $20 million. According to the release, this acquisition would double the size of the company.

This caused shares of Applied UV Inc. (Nasdaq:AUVI) to catch a bid during Tuesday’s premarket as traders are currently willing to buy the shares at $1.35/share (+29.81% implied open for sellers) at the time of writing. This should be an exciting session to watch!

Applied UV Inc is focused on the development and acquisition of technology that addresses infection control in the healthcare, hospitality, commercial and municipal markets. The company operates in three reportable segments: the design, manufacture, assembly and distribution of automated disinfecting systems for use in public spaces, hospitals and other healthcare facilities (Disinfectant segment) and the manufacture of fine mirrors specifically for the hospitality industry (Hospitality segment). It derives a majority of its revenue from the Hospitality segment.

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