Taronis Technologies Inc (TRNX)

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Re-print for those who are unaware!

Taronis Technologies Inc. on Aug. 22 filed documentation with the Nasdaq Capital Market to amend its certificate of incorporation to effect a 1-5 reverse stock split.

The reverse stock split is intended to increase the market price per share of the company's common stock to allow it to maintain its listing on the Nasdaq Capital Market.

The company was first notified in May 2018 by the market that it was facing delisting after the bid price of its listed securities closed at less than $1 per share for 30 consecutive days. After several extensions, the market landed on allowing Taronis to continue to trade on the Nasdaq stock exchange through Sept. 19 to come into compliance with its rules.

Taronis is expected to begin trading on a split-adjusted basis on Aug. 26 under the same Nasdaq market symbol.

The fuel technology company announced last month that it intended to spin off its industrial gas business unit, Taronis Fuels Inc. and grant an exclusive, worldwide license to the company. Taronis Technologies CEO Scott Mahoney said at the time that the company is expected to benefit from a leaner cost structure a spin-off would produce.

The Nasdaq Capital Market on Aug. 21 notified Taronis (NASDAQ: TRNX) that it needed to revise the record date for Taronis Fuels Inc. because a reverse stock split can’t be processed while a company spin-off is pending. Taronis, in a statement, described the Nasdaq’s request as last-minute and the market reset the record date for the spin-off to Nov. 5, 2019.

The ex-dividend date is expected to be set by Nasdaq on Nov. 6 and the company now intends to distribute the shares of Taronis Fuels on Nov. 13, according to a statement.

“We believe this may provide a significant benefit to our shareholders. We intend to file a Form 10 for Taronis Fuels shortly. We plan to host a teleconference to help investors see the improved financial performance of this business independent of Taronis Technologies,” Mahoney said in a statement. “Additionally, we believe we can provide material updates on our Turkey, El Salvador and Amsterdam MagneGas projects with significant milestones prior to the new ex-dividend date. This means that there is now an unexpected additional opportunity for current and prospective shareholders to participate in the spin-off process.”