Stock of Taronis Fuels, Inc. (OTCQB: TRNF) closed last session at $4.095, an increase of 26.00% or $0.8450. Through the course of the day, Taronis stock fluctuated between $3.50 and $4.49. TRNF stock traded 75.54K shares, which exceeds its average daily volume over the past 30 days of 27.92K shares and its average volume of 28.65K shares since beginning of the year.
TRNF’s stock price has increased by 36.05% in the last one week, and it has dropped by 37.93% in the past 12 months. Getting the word out that TRNF had settled with a group of shareholders sparked a surge in TRNF stock price.
The settlement was for what?
A global provider of renewable fuels, Taronis is also committed to socially responsible business practices. TRNF seeks to deliver economic opportunities based on maximizing environmental protection and reducing carbon emissions. Compared to conventional acetylene and propane alternatives, TRNF products provide a much cleaner solution.
On Thursday, Taronis announced it reached a settlement agreement with concerned shareholders Thomas Wetherald and Tobias Welo that ends the consent solicitation led by them and resolves other matters involving parties.
About 11.1% of the outstanding Taronis shares are owned by the Concerned Shareholders together. Taronis will expand the Board’s size to six directors, including the five individuals chosen by the Concerned Shareholders and Peter Molloy, an incumbent director.
Composition of Board:
Among the members of the Taronis (TRNF) Board are Tobias Welo, Thomas Wetherald, Sergey Vasnetsov, Mary Pat Thompson, and Andrew McCormick. Members and chairpersons of the TRNF board’s Nominating & Governance Committee, Compensation Committee and Audit Committee are to be reconstituted.