Molekule Group, Inc. (MKUL)

Molekule Group made air purification devices for homes, offices and healthcare settings. Its products included the Molekule line of consumer air purifiers, which used a proprietary photo-electrochemical oxidation technology, and commercial units designed for hospitals and other indoor spaces. The company sold directly to consumers online and to businesses and institutions. Indoor air quality became a popular theme during the COVID-19 pandemic.

The company began as AeroClean Technologies, which went public on Nasdaq in November 2021 under the symbol AERC. AeroClean focused on medical-grade air purification and drew heavy investor interest shortly after its listing. In January 2023 it merged with Molekule, a San Francisco-founded maker of consumer air purifiers, and the combined business adopted the Molekule Group name and the ticker MKUL.

The merged company struggled with weak demand after the pandemic, high cash burn and limited financing options. On October 3, 2023, Molekule Group and its operating subsidiary filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. Nasdaq notified the company that its stock would be delisted, trading was suspended at the open on October 13, 2023, and the company warned that common shareholders would likely suffer a significant or complete loss.