Funds to be used for product development, operations, working capital
By Devika Patel
Knoxville, Tenn., Aug. 17 - MagneGas Corp. priced a $6.59 million public sale of stock with a $989,022 greenshoe in a prospectus filed Friday with the Securities and Exchange Commission. The deal was announced May 30.
The company will sell 2,197,827 common shares at $3.00 apiece. The price per share is a 2.6% discount to the Aug. 16 closing share price of $3.08.
Northland Capital Markets is the sole bookrunning manager, and MLV & Co. LLC is co-manager.
Settlement is expected Aug. 21.
Proceeds will be used for product development, operations, working capital and general corporate purposes.
Tarpon Springs, Fla.-based MagneGas produces MagneGas, a natural-gas alternative and metal-working fuel made from liquid waste such as sewage.
| Issuer: | MagneGas Corp.
|
| Issue: | Common shares
|
| Amount: | $6,593,481
|
| Greenshoe: | $989,022
|
| Shares: | 2,197,827
|
| Price: | $3.00
|
| Warrants: | No
|
| Bookrunner: | Northland Capital Markets
|
| Announcement date: | May 30
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 21
|
| Stock symbol: | Nasdaq: MNGA
|
| Stock price: | $3.08 at close Aug. 16
|
| Market capitalization: | $53.34 million
|
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