AeroClean Technologies Announces Closing of Initial Public Offering and Partial Exercise of Over-Allotment Option
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IPO Proceeds for Funding the Production, Sales and Distribution of the Company`s Air Purification Devices, Product Development Efforts and Establishing the Company`s Consumables and Services Business
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NEW YORK, Nov. 29, 2021 /PRNewswire/ -- AeroClean Technologies, Inc. (Nasdaq: AERC) today announced the closing of its initial public offering of 2,514,000 shares of common stock at a public offering price of $10.00 per share. The offering included the sale of 14,000 shares in connection with the partial exercise by the underwriters of their over-allotment option. The company's common stock trades on the Nasdaq Capital Market under the ticker symbol "AERC".
The Benchmark Company, LLC, HCFP/Capital Markets LLC and Valuable Capital Limited acted as Joint Bookrunning Managers for the offering.
Freshfields Bruckhaus Deringer US LLP acted as counsel to the company. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as counsel to the underwriters.
AeroClean Technologies expects to use the proceeds of the offering for supporting the build-out of its organization, funding the production of its air purification devices, establishing its consumables and services business and supporting its product development efforts for its high priority initiatives.
An offering statement relating to the shares of common stock was filed with the U.S. Securities and Exchange Commission ("SEC") and became qualified on November 23, 2021. An offering circular relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the offering circular may be obtained by contacting: The Benchmark Company, LLC, Attention: Prospectus Department, 150 E. 58th Street, 17th Floor, New York, NY 10155, by calling (212) 312-6700 or by e-mail at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.
About AeroClean Technologies
AeroClean is a pathogen elimination technology company on a mission to keep work, play and life going—with continuous air sanitization products called, Pūrgo™ (pure-go). We create solutions for hospitals, offices and many shared spaces as well as elevators, aircraft and more. Pūrgo™ products feature SteriDuct™, a proprietary technology developed by our best-in-class aerospace engineers, medical scientists and innovators. Powered by SteriDuct™, our solutions are medical-grade, eradicating viral, fungal and bacterial airborne pathogens. Our purpose is simple: to never stop innovating solutions that keep people healthy and safe, so life never stops.
This press release may include forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in the company's offering circular filed with the U.S. Securities and Exchange Commission) and uncertainties that could cause actual results to differ from the forward-looking statements. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections.
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SOURCE AeroClean Technologies, Inc.
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