Nasdaq Requirement Due to Reverse Split
PHOENIX, AZ / ACCESSWIRE / August 22, 2019 / Taronis Technologies, Inc., (“Taronis” or “the Company”) (TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced that it has filed a Certificate of Amendment to its Certificate of Incorporation to effect a 1-for-5 reverse stock split, effective as of 5:00 p.m. Eastern Time today. The reverse stock split was affected by Taronis in accordance with the authorization provided by the Company’s stockholders at its previously adjourned 2018 Annual Meeting of Stockholders held on August 20, 2019.
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 not change.
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 believes its common stock will begin trading on a split-adjusted basis on Monday, August 26, 2019. The Company's common stock will continue to trade on The NASDAQ Capital Market under the symbol "TRNX." The new CUSIP number for the common stock following the reverse stock split will be 876214206.
On August 21, 2019, the Company was notified by the Nasdaq Capital Market that the Company needed to revised the record date for the Company’s proposed spin-off of Taronis Fuels, Inc. because Nasdaq is unable to process reverse stock splits while spin-offs are pending. Due to this last-minute request by Nasdaq, the Company has reset the record date for the spin-off of Taronis Fuels to November 5, 2019, which is the date Taronis Fuel’s Form 10 will go effective, assuming it is filed on September 6, 2019. The ex-dividend date will be set by Nasdaq and is expected to be on November 6, 2019. The Company now currently intends to distribute the shares of Taronis Fuels on the distribution date of November 13, 2019.
“Earlier this week, our shareholders overwhelmingly supported the decision to execute a reverse split in order to comply with Nasdaq listing requirements,” commented Scott Mahoney, CEO of Taronis. “As we coordinated this process with Nasdaq yesterday, we were informed that we would be required to extend the record date and ex-dividend dates for the Taronis Fuels spin-off due to Nasdaq listing requirements.”
“We believe this may provide a significant benefit to our shareholders. We intend to file a Form 10 for Taronis Fuels in shortly. We plan to host a teleconference to help investors see the improved financial performance of this business independent of Taronis Technologies.”
“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,” concluded Mr. Mahoney.
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination.
The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the US and through its wholly owned distributors doing business as “MagneGas Welding Supply”. The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company's website at http://www.TaronisTech.com.
Taronis also owns a controlling interest in Water Pilot, LLC. The WATER PILOT® System immediately reduces water consumption and provides you with live remote consumption monitoring for long term leak protection and water asset management. An integral, client based alarm and notification system that reports to any mobile device. Water Pilot may be appropriate for a wide range of businesses or properties with a water meter. For more information, please visit our website at www.gowaterpilot.com/
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.
Taronis Technologies, Inc.
SOURCE: Taronis Technologies, Inc.
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