Applied UV Shares Soar After Acquiring Assets Of KES Science & Technology

Applied UV Inc's AUVI subsidiary, SteriLumen Inc, has closed the acquisition of substantially all the assets of privately-held KES Science & Technology Inc (KES) and JJS Technologies LLC for $4.3 million in cash and 300,000 shares of its common stock.
Applied UV expects the deals to bolster its presence in markets including food distribution, cannabis and post-harvest, wineries, and retail sectors.
Applied UV will not assume any long-term debt or non-operating liabilities of KES.
The acquisition consolidates Airocide air disinfection technology under the SteriLumen brand.
Applied UV anticipates KES to add $5 million - $7 million in revenue in 2022 and be immediately accretive to EPS.
Applied UV held $7.02 million in cash and equivalents as of June 30, 2021.
Price Action: AUVI shares are trading higher by 22.2% at $7.97 in premarket on the last check Wednesday.