MagneGas stock (NASDAQ:MNGA) is skyrocketing on Wednesday despite the company not making any announcements over the last two days.
Despite the company not making any moves today or yesterday, its shares went gangbusters early in the day following various pieces of exciting news that the Tarpon Springs, Flo.-based company released throughout the last few days and weeks.
On Monday, MagneGas said that it was continuing to carry out a plan to re-market itself by formally renaming itself to MagneGas Applied Technology Solutions. The move took place on September 25, 2018 as the company was seeking to better align its corporate identity with its more commercial efforts.
Plus, it wanted its name to be a reflection of the three commercial applications that are part of its patented submerged plasma arc technology. MagneGas stock was also booster by the company’s announcement that it was ramping up marketing efforts in Europe, while also getting closer to attaining various grants.
The grants would help all three of the company’s commercial applications of its technology. The company is currently in various stages of grant applications. Plus, MagneGas could only get a grant if it was garnering non-dilutive funding, which is a necessary element in the company’s continued growth.
MNGA stock was up about 82.4% during regular trading hours Wednesday following these initiatives by the company.