This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why MagneGas Corporation (MNGA) Is Plummeting Today

NEW YORK (TheStreet) -- MagneGas Corporation (MNGA) is plunging on the news it has entered into a definitive agreement with an institutional investor for the financing of $5 million in gross proceeds.

By market open, shares had tanked 18.1% to $1.76.

Under the agreement, the hydrogen fuel producer will issue 2 million shares of its common stock and Series C convertible stock exchangeable for around 1.45 million shares of common stock.

The purchase price of $1.45 a share will generate gross proceeds of $5 million, which the company intends to use for general corporate purposes, such as working capital and potential acquisitions.

Must Read: Will This Rating Help CSX Corp (CSX) Today?

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The Tarpon Spring, Florida-based business will allow unregistered warrants to purchase up to 1.72 million shares at an initial exercise price of $2.15.

The offering is expected to close around March 28, pursuant to customary closing conditions.

Northland Capital Markets is serving as sole placement agent for the offering.

Shares of the alternative energy producer have been soaring over March after the company announced it had been awarded contracts in four demolition projects. As part of the contracts, MagneGas will provide its torch-cutting fuel in the four projects, which include the demolition of a Washington, D.C. bridge, automobile manufacturing facilities in Ohio and Michigan and a power plant in New York.

Year to date, shares are up 388.6%.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
MNGA $1.13 -0.88%
AAPL $114.64 -3.21%
FB $94.06 -0.08%
GOOG $629.25 -0.31%
TSLA $266.28 2.42%

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs