MagneGas enters $5M funding agreement, shares halted

Magnegas (MNGA) enters into an agreement with an unnamed institutional investor for $5M in financing; MNGA plans to use proceeds for general corporate purposes, including working capital and potential acquisitions.

MGNA also will issue 2M shares of its common stock and Series C convertible preferred stock convertible into nearly 1.5M common shares; the purchase price and conversion price of the preferred stock is $1.45/share.

Shares halted.

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Comments (7)
  • Dank420
    , contributor
    Comments (89) | Send Message
    So should I sell ?
    25 Mar 2014, 09:44 AM Reply Like
  • genoa93
    , contributor
    Comments (135) | Send Message
    2 institutional investors who throw 9 millions $ in a out-of-cash company in a month?
    Is it a bad news in your opinion?
    25 Mar 2014, 02:01 PM Reply Like
  • Brian9620
    , contributor
    Comment (1) | Send Message
    Do we expect this stock to rebound?
    25 Mar 2014, 11:10 AM Reply Like
  • JosephCortes
    , contributor
    Comments (1571) | Send Message
    Ouch!.... Mega hammered today!
    At: $1.49 (After Hours) Down a painful -30.70%.


    I'm hurting....
    But still, we will see this stock rise strong. So yes, it will rebound.
    They have now the cash to move this company forward.
    They have the right product and there is definitively an existing market for it.
    Hold on to your stocks, take advantage of the drop in price if possible.


    This is a Long Hold but worth it's waiting.
    25 Mar 2014, 05:02 PM Reply Like
  • cactus jack 65
    , contributor
    Comments (258) | Send Message
    Another alternative energy that's growing to fast.. I'm in with 1500 shares @ 2.08. I hope it hangs in there. Who's the institutional investor that's throwing 5 million at MNGA? 5Million ain't chump change.
    25 Mar 2014, 06:39 PM Reply Like
  • hiddenwolf
    , contributor
    Comment (1) | Send Message
    I bought MNGA 500 at 2.06 and bought another 450 at 1.65. I'm on the fence right now. Not used to holding a stock over a week but I think it will be interesting to see what next week brings. I feel like this stock has great potential.
    28 Mar 2014, 01:26 PM Reply Like
    , contributor
    Comments (4) | Send Message
    I couldn't hold out any longer, got in 1.32. The short sellers are riding this one hard, going to get all the cream they can, they know this one is a firecracker with the fuse already burning. I don't agree with the long term hold idea, my window is more like 6-8 months. Look for this one to be bought-out by a big player, patents will sweeten the deal.
    30 Mar 2014, 05:15 AM Reply Like
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