MagneGas Receives Extension to Regain Compliance with NASDAQ Minimum Bid Price Requirement
November 07 2018 - 8:00AM
MagneGas Applied Technology Solutions, Inc. ("MagneGas" or
the "Company") (NASDAQ: MNGA), a leading clean technology
company in the renewable resources and environmental solutions
industries, today announced that the NASDAQ Listing Qualifications
Staff has granted the Company’s request for an additional 180-day
period, or until May 6, 2019, to regain compliance with the minimum
$1.00 bid price per share requirement.
Scott Mahoney, Chief Executive Officer (CEO) of
MagneGas, stated, “We are pleased to receive an extension from
NASDAQ as we advance our commercial strategy and corporate
restructuring we recently announced. We remain confident in
regaining compliance and I look forward to expanding on our
business and capital markets strategy further during management’s
next quarterly earnings conference call.”
The NASDAQ Listing Qualifications Staff’s
determination to grant the additional 180-day compliance period was
based on the Company meeting the continued listing requirement for
market value of publicly held shares and all other applicable
requirements for initial listing on the NASDAQ Capital Market, with
the exception of the bid price requirement, and the Company’s
written notice of its intention to cure the deficiency during the
additional 180-day compliance period by effecting a reverse stock
split, if necessary.
About MagneGas Applied Technology
Solutions, Inc.
MagneGas Applied Technology Solutions, Inc.
(MNGA) owns a patented process that converts various renewables and
liquid wastes into MagneGas® fuels. These fuels can be used as an
alternative to natural gas or for metal cutting. The Company's
testing has shown that its metal cutting fuel “MagneGas2®” is
faster, cleaner and more productive than other alternatives on the
market. It is also cost effective and safe to use with little
changeover costs. The Company currently sells MagneGas2® into
the metal working market as a replacement to acetylene.
The Company also sells equipment for the
sterilization of bio-contaminated liquid waste for various
industrial and agricultural markets. In addition, the Company is
developing a variety of ancillary uses for MagneGas® fuels
utilizing its high flame temperature for co-combustion of
hydrocarbon fuels and other advanced applications. For more
information on MagneGas, please visit the Company's website at
http://www.MagneGas.com.
The Company distributes MagneGas2® through
Independent Distributors in the U.S and through its wholly owned
distributors, ESSI, Green Arc Supply, Paris Oxygen, Latex Welding
Supplies, United Welding Supplies, Trico Welding Supply and
Complete Welding of San Diego. The Company operates 13 locations
across California, Texas, Louisiana, and Florida.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements relate to future events,
including our ability to raise capital, or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
For a discussion of these risks and
uncertainties, please see our filings with the Securities and
Exchange Commission. Our public filings with the SEC are available
from commercial document retrieval services and at the website
maintained by the SEC at http://www.sec.gov.
Investor Contacts:Tirth PatelEdison AdvisorsT:
646-653-7035tpatel@edisongroup.com
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