Series C Convertible Preferred Financing Effectively Complete
MAGNEGAS (MNGA)
Last magnegas earnings: 11/14 08:00 am
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US:NASDAQ Investor Relations:
magnegas.com
Company Research
Source: GlobeNewswire
Investor Materially Exhausts Series C Convertible Preferred Instrument TAMPA, Fla., Dec. 03, 2018 (GLOBE NEWSWIRE) -- MagneGas Applied Technology Solutions, Inc. ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company announces that the holder of the Series C Convertible Preferred financing instrument has converted approximately 98% of its holdings to date. The Company had previously announced the closing of a $25 million convertible preferred in June of 2017. This instrument was the primary source of equity financing for the Company for the past 18 months. The Company understands the investor has elected to retain less than a 2% position in the instrument to preserve certain contractual rights, including the ability to participate in future capital transactions with the Company. “The Series C convertible preferred was a critical source of capital for MagneGas as we executed a series of transformational acquisitions,” commented Scott Mahoney, Chief Exec
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