Taronis terminates $25M Series H convertible preferred offering
BAKU, Azerbaijan, Dec. 26
By Leman Zeynalova – Trend:
Taronis Technologies, Inc., a sustainability technologies company based in the US, has voluntarily terminated the previously announced $25 million Series H convertible preferred equity transaction, Trend reports citing the company.
This transaction was scheduled to close subject to shareholder approval at the upcoming shareholder meeting in late January 2020. The annual shareholder meeting will also be postponed until later in 2020 as a result of the Series H termination.
“We have determined that it is in the best interest of shareholders to focus on spending the royalty income due to Taronis by our previous subsidiary, Taronis Fuels, instead of raising capital at this time,” commented Scott Mahoney, CEO of Taronis. “We believe the scale and timing of the seven percent royalty income due to Taronis will be sufficient to meet the financial needs of the Company. As a result, we elected to negotiate the termination of the Series H effective immediately.”
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination. The Company holds a 7% royalty on the global use of its fuel generation intellectual property. The initial commercialized renewable fuel product license is disrupting an $8 billion global metal cutting fuel market.
The company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens.
Follow the author on Twitter: @Lyaman_Zeyn