AeroClean Technologies, Molekule to Merge in All-Stock Deal

Dow Jones2022-10-04

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.

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