After announcing positive news from the Nasdaq Capital Markets, Taronis Technologies Inc (NASDAQ: TRNX) is rocketing for the top this morning. In fact, the news is leading to premarket gains well in excess of 40%. Here’s what’s happening:
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TRNX Stock Rockets On Positive Note From Nasdaq
Taronis Technologies said that it has received positive news from the Nasdaq Hearings Panel in the premarket press release issued early this morning. According to the release, the Nasdaq Hearings Panel has granted an extension for the company to regain compliance with the $1.00 minimum bid price requirement.
TRNX said int he release that the extension will last through September 19, 2019. Of course, continued listing on the Nasdaq is subject to the timely satisfaction of this requirement, which states that the stock must show a closing bid price of $1.00 or more for 20 consecutive trading sessions on or before September 19.
This is great news as the extension gives the company adequate time to remedy the low bid price issue. As such, the extension means that the company will still have access to the capital provided through listing on the Nasdaq.
Just Another Source Of Positive News
As of late, TRNX stock has been the center of multiple positive press releases. Most recently, and by recent, I mean yesterday, Taronis Technologies said that it had achieved record sales in the second quarter. In fact, the company generated $6.06 million in sales in the second quarter and $1.85 million in sales in the month of June.
This news came on the heels of a press release issued on July 8, 2019, informing investors that TRNX had achieved record MagneGas production, generating 247,624 cubic feet of MagneGas in the second quarter. Production growth is likely to continue as well.
In fact, in the release, the company said that the record production was achieved using one proprietary Venturi Plasma Arc gasification unit. However, a new unit was just taken online in July and another is expected in August, suggesting that more strong production growth is ahead of us.
The Bottom Line
The bottom line here is simple. TRNX is working hard to expand production of MagneGas, sales, and ultimately value for investors. With record production and record sales in the second quarter, new units coming online suggesting that the third quarter will be a record-breaker as well, and a coming remedy to the minimum bid price rule from the Nasdaq, this is a stock that is worth your attention!
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