Molekule to acquire Aura Smart Air for $10M in an all-stock merger

Molekule announced it has entered into a definitive agreement to acquire Aura Smart Air, an Israeli-based company currently listed on the Tel Aviv Stock Exchange, in an all-stock merger with a value of approximately $10M. Molekule has the largest range of proprietary and patented, FDA-cleared air purification devices. Under the terms of the Merger, Molekule has agreed to acquire Aura for a total purchase price of approximately 3,519,105 shares of Molekule common stock. Aura, an Israeli-based technology company currently listed on the Tel Aviv Stock Exchange, is the creator of a proprietary, software, sensor and IoT-enabled data-driven air purification system. Consummation of the merger is subject to customary closing conditions, including among others the SEC declaring Molekule’s registration statement on Form S-4 effective, the listing of Molekule’s common stock on the Tel Aviv Stock Exchange, receipt of Aura shareholder approval, receipt of a tax ruling regarding Israeli withholding tax and receipt of all material third party consents. The merger is expected to close early in the second half of 2023. While Aura will retain its technology development offices in Tel Aviv led by Eldar Shnaiderman, as CTO, several members of the Aura executive team will integrate into Molekule’s offices in the U.S., led by Aviad Shnaiderman, as general manager of global commercial sales.