Aeroclean Tech (WKN: A3C8HD)

“We are proud to provide our patented, germicidal UV-C LED technology, expertise, and commitment to helping Americans become more educated on indoor air quality (IAQ) and the resources available to them as they update their existing air filtration and ventilation systems,” said Jason DiBona, CEO of AeroClean. “AeroClean Pūrgo air sanitization is a supplemental, real-time solution that directly answers the federal call to action regarding improving IAQ to help businesses, organizations, and schools better protect their workforce, customers, and students from the harmful effects of airborne pollutants and illness-causing pathogens, including COVID-19.”

Improving Indoor Air Quality Is A Focus On All Fronts

From preparing for new variants of COVID-19 to preventing an economic and educational shutdown, updating air filtration and sanitization technology is a core element of the administration’s preparedness plan. The government - through the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program, a part of the American Rescue Plan, has committed $350 billion to state, local and tribal governments across the country to support response and recovery from the effects of COVID-19. An additional $130 billion from the American Rescue Plan is being specifically provided to fund improved ventilation, tests, and staffing in schools in order to prevent a recurrence of the devastating shutdowns of 2020. Keeping schools and businesses open required new guidelines that have made clear that improving and safeguarding indoor air quality is a priority. Improved air quality reduces not only the potential for serious illness from airborne pathogens but also helps businesses recruit and retain employees. Recent surveys indicate indoor air quality has become one of the most desired perks by employees to return to the office, and improved indoor air quality has been shown to: improve sustainability and reduce energy consumption; improve health and performance; and increase employees’ ability to focus and improve cognitive function.

EPA Issued Indoor Air Quality (IAQ) “Clean Air Checklist”

In addition to the administration’s commitment to funding and overall preparedness, the EPA has - and will update - recommendations for building owners and operators to follow to improve the indoor air quality of the spaces under their management.

The EPA checklist covers topics ranging from preventing pollutant air from entering a space to updating HVAC and moisture controls, to building materials to consider for indoor air quality.

A main tenet of the EPA’s guidance is on maximizing outdoor airflow to indoor spaces and leveraging updated air-filtration and sanitization technology to remove harmful pathogens.

The checklist will also detail the importance of IAQ in schools, considering the short- and long-term effects associated with poor indoor air quality for students and staff.

Taking The EPA “Clean Air in Buildings Challenge”

As part of the administration’s preparedness plan, the EPA has launched the “Clean Air in Buildings Challenge,” designed to establish basic principles and guiding practices for improving indoor air quality and reducing the risk of airborne illness. The challenge consists of four steps that business owners and operators can take to ensure they are providing an updated and better-prepared indoor air environment, these steps include:

Create an Action Plan - Assess the building’s IAQ and make plans for upgrades and improvements to ventilation systems. Contact us to learn how AeroClean can help you assess your building’s IAQ and develop your action plan.

Optimize Fresh Air Ventilation - Effectively bringing in and circulating clean outdoor air.

Enhance Air Filtration and Cleaning - Using central HVAC systems and in-room air purification devices.

Get The Community Engaged - Communicating with building occupants to increase awareness, commitment, and participation in improving indoor air quality and health outcomes. Learn how AeroClean’s Safe Air Technology program can help building occupants feel safe and breathe easier in your indoor spaces.

AeroClean is committed to help businesses and organizations meet the federal guidelines addressed above to collectively improve IAQ for a healthier and safer world, so work, play, and life keeps going. For more information about AeroClean technology and Pūrgo  systems, visit: www.AeroClean.com.

The six-member AeroClean Board of Directors will be expanded to seven members, with Brad Feld, Molekule board member and co-founder of venture capital firm Foundry, joining the combined company’s Board.

The combined company’s management and the Board have a track record for high growth and creating category leaders through both organic and inorganic growth.

PALM BEACH GARDENS, Fla., Oct. 03, 2022 (GLOBE NEWSWIRE) -- AeroClean Technologies (“AeroClean” or the “Company”) (Nasdaq: AERC), an air hygiene technology company, and Molekule, Inc. (“Molekule”), a market leader for premium air purifiers, today announced they have entered into a definitive agreement to combine the companies in an all-stock merger. The combined company will have the largest range of proprietary and patented, FDA-cleared air purification devices to address the estimated $15 billion, rapidly growing global air purification market. The combined company is expected to generate approximately $45 million of revenues in FY 2022 on a pro forma combined basis and is expected to have a solid balance sheet with a strong liquidity profile upon consummation of the merger.

Under the terms of the Merger Agreement, which has been unanimously approved by the boards of directors of both companies, AeroClean stockholders will own 50.5%, and Molekule stockholders will own 49.5%, of the outstanding common equity of the combined company on a pro forma basis upon consummation of the merger. AeroClean will change its name and ticker symbol to Molekule, Inc. (Nasdaq: MKUL) upon consummation of the merger. The combined company will remain headquartered in Palm Beach Gardens, Florida, with significant operations in Lakeland, Florida and offices in San Francisco, California.

Amin Khoury, Chairman of the Board of AeroClean, said, “Our complementary operations and cultures and our shared commitment to customer satisfaction will provide us with an enhanced ability to serve our clients and to create value for stockholders. We believe the combined company will be able to generate significant, organic revenue growth particularly in the B2B channel as we begin the roll out our SaaS IAQ solutions. In addition we expect to be well-positioned to pursue additional strategic acquisitions.”

Brad Feld, Molekule board member and Foundry partner, added, “We are pleased to announce the combination of these two strong companies, creating a market leader for premium air purification products. We look forward to working with the AeroClean team, and we are excited about the value creation potential for all stockholders.”

Jason DiBona, CEO of AeroClean, added, “We are excited to be combining with a market leader for premium, proprietary, patented, and FDA-cleared air purification products to capitalize on an estimated $15 billion global air purification market that is projected to double by 2030 based on current growth rates. We expect our combined teams’ expertise and capabilities will drive further innovation and expansion of IoT-enabled indoor air quality (“IAQ”) and SaaS data solutions to support our clients’ sustainability and ESG initiatives.”

Jonathan Harris, CEO of Molekule, who has driven significant growth in his recent roles with Roku and GoPro, added, “Both Molekule and AeroClean contribute unique industry leadership, which we expect will enable the combined company to aggressively innovate and drive greater adoption of our growing range of products and services.”

Compelling Strategic and Financial Benefits

AeroClean and Molekule expect the combined company will realize the following strategic and financial benefits as a result of the merger:

Creation of the First Publicly Traded Provider of a Suite of Premium, Proprietary and Patented, FDA-cleared Air Purification Devices: The combined company’s full range of complementary technologies will include a new generation of IoT-enabled devices and SaaS IAQ solutions which is in development.


Launch of a SaaS Product Offering to Drive Recurring Revenue and Financial Performance: The combined company’s integrated IoT devices and IAQ solutions, including the newly released business software, Molekule Air Platform (MAP), is expected to enable the company to begin to sell monitoring and device control subscriptions that enable facility managers to provide enterprise-wide clean indoor air.


Expedited Opportunities for Commercial Synergies in the B2B space: The combined company’s strategy is to introduce each other’s products into the other’s existing sales and distribution channels to accelerate B2B market penetration and to expand further into healthcare, government, hospitality and education verticals.


Solid Balance Sheet, Liquidity and Access to Capital Provide Opportunities for Growth: On an estimated pro forma combined basis as of September 30, 2022, the combined company would have had approximately $30 million in cash and total long-term debt of approximately $37 million, which is interest-only through April of 2024 and amortizing through April of 2027.


Reinforced Platform for Future M&A: The combined company will be well-positioned to selectively pursue additional value-creating M&A opportunities within the broader IAQ and cleantech industries