Shares of air purification solutions provider Applied UV (NASDAQ:AUVI) are soaring today after it announced steps to investigate short selling in its shares.
The company has brought in Herrick, Feinstein LLP to look into the potentially illegal naked short selling in AUVI stock. The CEO of AUVI, Max Munn commented, “We are concerned that there may have been certain illegal activities with respect to the trading of our securities, which we cannot tolerate.”
AUVI shares had corrected sharply from a $4.20 high in June 2022 to $0.95 in December 2022. Since the beginning of 2023 though, AUVI shares have skyrocketed 64% and are hovering at the $1.70 level today.
Moreover, yesterday, AUVI completed its mergers with Puro Lighting and LED Supply Co. The move is expected to yield annualized sales in the range of $45 million and $50 million this year while also boosting AUVI’s leadership in UV disinfection solutions.
Further, merging with Puro means AUVI is now one of the select names globally to provide complete air and surface disinfection platform. This includes consumer, fixed & mobile as well as commercial applications for end use across an array of verticals.
Finally, the strategic move will now offer AUVI a bigger team to tackle sales and marketing, develop new products as well as scout for new acquisitions.
Shares of the company have put on nearly 60% gains today and compared to a three-month average volume of 1.08 million, 35.7 million AUVI shares have been traded today already. This is when the company has only ~12.82 million outstanding shares at present!
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