MagneGas (MNGA) Prices 2.85M Offering at $3/Share
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MagneGas Corporation (Nasdaq: MNGA), has priced 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.
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.
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