AeroClean Technologies, which makes air purification devices, filed on Tuesday with the SEC to raise up to $28 million in an initial public offering.
The Palm Beach Gardens, FL-based company plans to raise $28 million by offering 2.5 million shares at a price range of $10 to $12. At the midpoint of the proposed range, AeroClean Technologies would command a market value of $152 million.
AeroClean states that it is an interior space air purification technology company. The company incorporates its proprietary, patented UV-C LED technology in equipment and devices to protect the occupants of interior spaces. These spaces include hospital and non-hospital healthcare facilities, schools and universities, commercial properties, and other indoor spaces. AeroClean is currently initiating the full-scale launch of its first product Purgo, a proprietary continuous air sanitization product for indoor spaces. The device's launch also marks the debut of its go-to-market strategy for SteriDuct, its patented air purification technology, which it intends to incorporate into a broad line of autonomous air treatment devices.
AeroClean Technologies was founded in 2011 and plans to list on the Nasdaq under the symbol AERC. The Benchmark Company and HCFP/Brenner Securities LLC are the joint bookrunners on the deal.
