Board shakeup at MagneGas [Seeking Alpha]
MAGNEGAS (MNGA)
Last magnegas earnings: 11/14 08:00 am
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US:NASDAQ Investor Relations:
magnegas.com
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Source: Seeking Alpha
Board shakeup at MagneGasLuisa Ingardiola, Carla Santilli and Chris Huntington allsubmitted their notices to resign from Magnegas's (MNGA-2.4%) board of directors.The changes were made in part to fully address shareholder concerns regarding the independence of the board (Ingardiola and Santilli are direct family relations of current CEO Ermanno Santilli).The company also made an equity grant to eliminate all accrued cash compensation due to non-management board members to further improve its working capital position and reduce current liabilities. In addition, future board compensation is expected to be reduced by approximately 50%.Click to subscribe to real-time analytics on MNGANow read:Waste Management: Make Garbage Green Again »
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