This holds an erlenmeyer flask upside down.
The intent is so that a stoppered flask can be put upside down while a mix of two liquids separates by weight, then the bottom heavier liquid can be drained off. I use a two hole stopper and 1/4 inch vinyl tubing. One tube goes all the way up to the air space at the "bottom" of the inverted flask and allows air in as the liquid drains. The other tube is short and is the outlet for the liquid. The "8" shaped part is a clamp that allows the short tube to be crimped closed.
It's designed for a 125mL flask, but can be scaled for other sizes.
It could also be used as a drying rack.