MagneGas announces 1-for-10 reverse stock split
MagneGas announced that it has filed a certificate of amendment to its certificate of incorporation to effect a 1-for-10 reverse stock split, effective as of 5:00 p.m. Eastern Time today. The reverse stock split was effected by MagneGas in accordance with the authorization adopted by MagneGas stockholders at the Special Meeting of Stockholders held on May 17, 2017. Proportional adjustments will be made to the conversion and exercise prices of the company's outstanding warrants, convertible notes, convertible preferred stock and stock options, and to the number of shares issued and issuable under the company's equity compensation plans. The number of authorized shares of the company's common stock will remain 90 million shares until such time as the board of directors determines to file an Amended and Restated Certificate of Incorporation to increase the authorized shares of the company's common stock from 90 million shares to 190 million shares, which increase was also approved by MagneGas stockholders at the Special Meeting of Stockholders held on May 17, 2017.