Shares of AeroClean Technologies (NASDAQ: AERC) shot up in pre-market trading on Tuesday as the air purification technology company announced its plans to merge with Molekule in an all-stock deal.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
As a part of this deal, AeroClean stockholders will own 50.5% of the combined company, while Molekule stockholders will own the remaining 49.5% of the outstanding common shares of the combined company.
Following the merger, AeroClean will change its name and ticker symbol to Molekule with the symbol MKUL. The merger is expected to close in the first half of next year.
The combined company is expected to address a global air purification market worth $15 billion and is expected to generate revenues of around $45 million in FY2022 on a pro forma, combined basis.
