TAMPA, Fla., Aug. 16, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today the pricing of its public offering of 2,850,000 shares of common stock at a price to the public of $3.00 per share. The offering size has been increased from 2,375,000 shares to 2,850,000 shares. Of the 2,850,000 shares of common stock, an aggregate 652,173 shares are being offered by three stockholders of the Company. In addition, the Company and the selling stockholders have granted the underwriters a 45-day option to purchase up to an additional 427,500 shares of common stock solely to cover over-allotments, if any. The Company intends to use the net proceeds from the offering to further develop its products and operations, for working capital, and general corporate purposes. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders. The offering is expected to close on or about Tuesday, August 21.
Northland Capital Markets is acting as the sole book-running manager for the offering and MLV & Co. LLC is acting as the co-manager for the offering.
The offering of these securities is being made pursuant to a registration statement (File No. 333-181775) previously filed and declared effective by the U.S. Securities and Exchange Commission (SEC) and a registration statement (File No. 333-183337), which was effective upon filing with the SEC. A prospectus describing the terms of the offering will be filed with the SEC. When available, copies of the prospectus may be obtained by contacting Northland Capital Markets, 45 S. Seventh St., Suite 2000, Minneapolis, MN 55402, by calling (612) 851-4994, or by emailing Andrew Pafko, email@example.com. Electronic copies of the prospectus are also available free of charge on the website of the SEC at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV