Published on 27 Feb 2023 on Benzinga via Yahoo Finance

Molekule Acquires Israeli-Based Aura Smart Air For ~$10M

Molekule Group Inc (NASDAQ: MKUL) has entered into a definitive agreement to acquire Aura Smart Air Ltd, in an all-stock merger with a value of approximately $10 million.Under the merger terms, Molekule has agreed to acquire Aura for a total purchase price of 3.519 million shares of its common stock.Aura is an Israel-based company currently listed on the Tel Aviv Stock Exchange.Aura's patented smart air technology platform monitors and purifies the air in hospitals, schools, businesses, hotels, restaurants, buses, and nursing homes in more than 87 countries worldwide.Molekule plans to implement Aura's advanced software, sensor and IoT technology across its entire product range."The Aura acquisition will accelerate our ability to deploy enterprise-wide, in-room air purification systems, built upon our foundation of FDA-cleared air purification devices, by incorporating Aura's advanced software, sensor and IoT technology,” said Amin Khoury, Chairman of the Molekule Board.The merger is expected to close early in the second half of 2023. While Aura will retain its technology development offices in Tel Aviv, led by Eldar Shnaiderman, as Chief Technology Officer, several members of the Aura executive team will integrate into Molekule's offices in the U.S., led by Aviad Shnaiderman, as General Manager of Global Commercial Sales.In January 2023, AeroClean and Molekule, Inc. completed the all-stock merger transaction announced on Oct. 3, 2022. On Jan. 12, 2023, AeroClean changed its name to Molekule Group, Inc. AeroClean held $25.8 million in cash and equivalents as of Sept. 30, 2022.Price Action: MKUL shares are trading higher by 7.35% at $2.63 in premarket on the last check Monday.