MAGNEGAS CORPORATION (NASDAQ:MNGA) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07.
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Submission of Matters to a Vote of Security Holders. |
On May 17, 2017, MagneGas Corporation (the Company) held a
Special Meeting of Stockholders (the Special Meeting) in
Clearwater, Florida. As of the record date for the Special
Meeting, there were 59,597,531 shares of the Companys common
stock outstanding and 1,000,000 shares of the Companys Series A
Preferred Stock outstanding. The holders of 44,800,826 shares of
common stock and 1,000,000 shares of Series A Preferred Stock
were represented in person or by proxy at the Special Meeting.
The Companys stockholders voted on, and approved, the following
proposals at the Special Meeting:
Proposal No. 1 A proposal to approve an amendment to the Companys
Certificate of Incorporation to effect a reverse stock split of
all of the outstanding shares of common stock and treasury stock
at a ratio of one-for-ten.
| Common Stock | ||||
| For | Against | Abstain | Broker Non-Votes | |
| 35,428,483 | 8,441,032 | 931,311 | ||
| Series A Preferred Stock | ||||
| For | Against | Abstain | Broker Non-Votes | |
| 1,000,000 | ||||
Proposal No. 2 A proposal to approve an Amended and Restated
Certificate of Incorporation to increase the total number of
authorized shares of common stock from 90,000,000 to 190,000,000
and to make such other modifications to the charter as adopted by
the Board of Directors.
| Common Stock | ||||
| For | Against | Abstain | Broker Non-Votes | |
| 30,029,523 | 13,790,344 | |||
| Series A Preferred Stock | ||||
| For | Against | Abstain | Broker Non-Votes | |
| 1,000,000 | ||||
About MAGNEGAS CORPORATION (NASDAQ:MNGA)
MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. (ESSI), a Florida corporation. It distributes products through several industrial gas companies in California, Michigan, Florida, Georgia, Indiana, and Pennsylvania. MAGNEGAS CORPORATION (NASDAQ:MNGA) Recent Trading Information
MAGNEGAS CORPORATION (NASDAQ:MNGA) closed its last trading session down -0.010 at 0.230 with 370,478 shares trading hands.
