MagneGas Corporation (NASDAQ: MNGA) is having an incredibly strong start to the trading session this morning. However, if you look for a press release issued by the company in the pre-market, you’re not going to find one. The gains are ultimately the result of continuing excitement associated with rebranding news that was released yesterday. Today, we’ll talk about:
- The news;
- what we’re seeing MNGA stock as a result; and
- what we’ll be watching for ahead.
MNGA Heads Up On Rebranding News
As mentioned above, Magnegas is having yet another incredibly strong start to the trading session this morning, following up on yesterday’s gains. In a press release issued yesterday, the company announced that it was formally renamed to MagneGas Applied Technology Solutions on September 25, 2018.
In the release, MNGA said that the purpose of the rebranding was to better align the company’s corporate identity with its broadened commercial approach that reflects the three commercial applications rooted in the Company’s patented submerged plasma arc technology.
The company said that the rebranding was initiated in conjunction with its accelerating marketing efforts in Europe. At the moment, the company is in various stages of grant applications in Europe for government-backed, non-dilutive funding programs that apply to all three commercial applications of its technology. In a statement, Ermanno Santilli, CEO at MNGA, had the following to offer:
MagneGas was formed for the express purpose of delivering innovative solutions to impact the quality of life of a vast portion of the global population… Our technology was born out of a dream to take common wastes, sterilize them for the improvement of the environment, and extract commercial value through sensible waste-to-energy solutions.
Today, we now stand on the edge of strong commercialized opportunities, backed by government funding, in partnership with some of the leading research and applied science institutions in Europe. Our rebranding intends to bring science and solutions to the forefront of our brand, because that is what is driving our long-term growth in the U.S., Europe and globally in the future.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of MagneGas, the news proved to be positive. Not only is the company rebranding, it announced that it is applying for various European grants that could provide key funding. So, it comes as no surprise that excited investors are sending the stock screaming for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:54), MNGA is trading at $0.20 per share after a gain of $0.025 per share or 14.29% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MNGA. In particular, we’re interested in following the story surrounding the company’s continued work to rebrand and bring life back to the company. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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