MagneGas Announces Reverse Stock Split
TAMPA, Florida, May 19, 2017 /PRNewswire/ --
MagneGas Corporation (NASDAQ: MNGA), today announced that it has filed a Certificate of Amendment to its Certificate of Incorporation to effect a 1-for-10 reverse stock split, effective as of 5:00 p.m. Eastern Time today. The reverse stock split was effected by MagneGas in accordance with the authorization adopted by MagneGas stockholders at the Special Meeting of Stockholders held on May 17, 2017.
Proportional adjustments will be made to the conversion and exercise prices of the Company's outstanding warrants, convertible notes, convertible preferred stock and stock options, and to the number of shares issued and issuable under the Company's equity compensation plans. The number of authorized shares of the Company's common stock will remain 90 million shares until such time as the Board of Directors determines to file an Amended and Restated Certificate of Incorporation to increase the authorized shares of the Company's common stock from 90 million shares to 190 million shares, which increase was also approved by MagneGas stockholders at the Special Meeting of Stockholders held on May 17, 2017.
The reverse stock split is intended to increase the market price per share of the Company's common stock to allow the Company to maintain the listing of its common stock on The NASDAQ Capital Market. The Company's common stock will begin trading on a split-adjusted basis on Monday, May 22, 2017. The Company's common stock will continue to trade on The NASDAQ Capital Market under the symbol "MNGA." The new CUSIP number for the common stock following the reverse stock split will be 55939L 301.
