Summary by Moomoo AI
Applied UV, Inc., a Nevada-based company, has filed an amendment to its initial Form 8-K report with the SEC on April 5, 2024. The amendment provides additional details regarding the securities offering that closed on April 1, 2024. Specifically, it outlines a provision for the adjustment of the exercise price of the warrants issued in the private placement upon the occurrence of certain events. Applied UV issued unregistered warrants to purchase up to 518,065 shares of common stock at $16.00 per share, with the warrants being immediately exercisable for five years from the issuance date. The company is required to obtain shareholder approval within 20 days for the adjustment terms of the warrants and to disseminate an information statement to shareholders. Following shareholder approval, the exercise price of the warrants will be reduced to the lower of the current price or $0.78, and the number of shares issuable will be increased so that the total exercise price remains equivalent to the initial aggregate exercise price.