By Kathryn Hardison
AeroClean Technologies Inc. and Molekule Inc. have agreed to combine in an all-stock merger.
The companies said Monday that AeroClean stockholders will own 50.5%, and Molekule stockholders will own 49.5%, of the combined company, which will use the name Molekule Inc.
AeroClean Technologies is an air hygiene technology company, and Molekule provides premium air purifiers. Together, the combined company will have the largest range of proprietary and patented, FDA-cleared air purification devices, the companies said.
The agreement has been unanimously approved by the board of both companies, and the merger is expected to be completed early in the first half of next year.
The combined company will use the ticker MKUL on the Nasdaq and will be headquartered in Palm Beach Gardens, Fla., with operations in Lakeland, Fla., and offices in San Francisco, the companies said.
The combined company is expected to generate $45 million in revenue in fiscal year 2022 on a pro forma combined basis.
AeroClean's Chief Executive Jason DiBona and Chief Financial Officer Ryan Tyler will remain in those roles at the combined company. Molekule CEO Jonathan Harris will transition to the role of chief commercial officer, and Ronti Pal, who leads finance, administration, research and development at Molekule, will become the combined company's operating chief.
Shares of AeroClean Technologies fall 1.9% to $3.15 in after-hours trading.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
October 03, 2022 16:30 ET (20:30 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。