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Taronis declines after 1-for-20 reverse stock split for clean-energy company

The company announced that it was changing its name from Magnegas Applied Technology

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CEO Scott Mahoney says the company is beginning a 'new chapter'

Taronis Technologies Inc (NASDAQ:MNGA) fell Friday after a reverse stock split for the clean-enegy company formerly known as MagneGas Applied Technology Solutions Inc.

The Clearwater, Florida-based company said in a securities filing that every 20 shares of its common stock were combined into one share of common stock without any change in par value. The shares began trading on a split-adjusted basis Friday.

The stock declined 29% to $2.95 in Friday’s Nasdaq trading. Before the reverse split, the shares were trading at about $0.20.

READ: MagneGas Corporation sets up in Central Florida

In November the Nasdaq granted the company’s request for extra time to comply with the minimum price requirement of $1 per share.

The company said in a statement Friday that its new name is derived from Taranis, the Celtic god of thunder and lighting. Taronis added that the deity is associated with the Celtic wheel, suggesting a circular, sustainable economy.

'New chapter'

“This marks the beginning of a new chapter in our company’s progress,” CEO Scott Mahoney said.

Taronis owns a patented plasma arc technology that enables applications for fuel generation and water decontamination.

In conjunction with its rebranding, Taronis said it launched a new website and plans investor content including a library of product demonstrations, corporate and client interviews and on-site video.

Contact Dennis Fitzgerald at [email protected]

 

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