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Company Accepts Outstanding Nasdaq Delisting Determination
PHOENIX, AZ, April 30, 2020 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company with patented water decontamination and conservation applications, today announced that the Company has notified Nasdaq that it will no longer contest the Nasdaq delisting notice sent to the Company on March 12, 2020. The Company had previously requested a panel hearing with Nasdaq, and was granted a hearing originally scheduled for April 16, 2020. The panel hearing was ultimately postponed on short notice, and has yet to be rescheduled. Nasdaq announced the suspension of certain ongoing listing requirements, including the minimum bid price rule the evening of April 16, 2020.
Despite the temporary regulatory relief provided by the suspension of the minimum bid price rule, the Company has decided to comply with Nasdaq’s delisting request as a result of several factors.
First, the only qualitative factor cited in the Nasdaq letter of non-compliance was the failure to satisfy the $1.00 minimum bid price. With the catastrophic impact of the coronavirus pandemic, the Company’s common stock share price has deteriorated significantly, to a point where it does not believe that the $1.00 compliance is possible through organic business activities prior to June 30, 2020.
Second, the Company has evaluated a number of possible corporate transactions with third parties that could possibly facilitate Nasdaq compliance. In every instance, the completion of such transactions would likely require a highly aggressive corporate restructuring, including a significant reverse split and the increase in authorized and outstanding shares above the current shareholder approved limits.
Lastly, none of the prospective merger candidates expressed an interest in retaining the existing assets of the Company in shareholder hands due to a desired reverse merger. The Company has evaluated the significant short term cash expenses required to complete such a speculative transaction, as well as the protracted regulatory approval process, coupled with the likely extreme dilution required to existing shareholder’s ownership and determined that the best path to preserve shareholder value is to accept the requested delisting request.
“The Company believes our current patent portfolio, expected future royalty income, and emerging commercial application for our patent portfolio should not be taken out of our shareholder’s hands in the immediate future through a possible reverse merger,” commented Scott Mahoney, CEO of Taronis. “We also wish to limit further dilution wherever possible, and all of the transactions we have evaluated would require a very sizable reverse split ratio that we believe would destroy much of our shareholder’s value.”
“We believe that once the short term disruptions to our business have passed, in the coming quarters, we will be able to resume our sterilization technology commercialization efforts. We also hope to eventually be able to regain momentum with hotels, restaurants, retirement homes, hospitals and other clients of Water Pilot.”
“In the short term, we will continue to evaluate a wide range of corporate initiatives to help unlock shareholder value on every front. These are extremely uncertain and unique times, and we are going to explore every avenue possible for our shareholders,” concluded Mr. Mahoney.