Taronis Technologies, (NASDAQ:TRNX) changed -6.97% to recent value of $0.9. The stock transacted 2794106 shares during most recent day however it has an average volume of 1.82M shares. It spotted trading -96.95% off 52-week high price. On the other end, the stock has been noted 39.40% away from the low price over the last 52-weeks.
On Dec. 24, 2019, Taronis Technologies, (NASDAQ:TRNX) a sustainability technologies company, notified that the Company has voluntarily terminated the previously released $25 million Series H convertible preferred equity transaction. 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.
About Taronis Technologies
Taronis Technologies (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. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets.
TRNX has a gross margin of 47.60%.
The company has 28.34M of outstanding shares and 23.75M shares were floated in the market. According to the most recent quarter its current ratio was 1.2 that represents company’s ability to meet its current financial obligations. The price moved ahead of -32.70% from the mean of 20 days, -40.13% from mean of 50 days SMA and performed -58.19% from mean of 200 days price. Company’s performance for the week was 7.45%, -52.68% for month and YTD performance remained -96.36%.
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