Publicly-held AgriSolar Solutions Inc (OTCMKTS:AGSO) on October 1, 2021, announced entering into a merger agreement with a wholly-owned subsidiary of Titan NRG Partners LLC, APE Titan NRG Inc.
The merger will make AgriSolar the only surviving corporation and it would be changing its name. While officers Alex R. Majalca Jr. will continue to be President and the Chief Executive Officer, Henry Varga will stay as Secretary/Treasurer and Chief Financial Officer of the firm. On the other hand, Ginger Cunningham would be added to the Board of Directors.
Post-merger, the company will be operational as a holding firm for subsidiaries of Titan NRG: APE Fuels, NRG Dynamics, Vespene as well as NRG Rail.
The firm’s post-merger operations will be transportation as well as a downstream energy company. There are presently more than 20 transports in 9 states, including retail propane serving southern AZ with 1500+ leased tanks as well as wholesale purchase with Vespene besides long-term lease in Tucson for 1.2mm gallons of propane/butane storage approved.
Alex Majalca, Chief Executive Officer, said that the focus in the next few weeks would be on streamlining operations as well as ensure name and symbol change. The company confirmed on completing disclosures and financials through quarter one of the 2021 fiscal year.
Market Reaction:
On Friday, AGSO stock jumped 20% at $0.48 with more than 573k shares, compared to its average volume of 147k shares. The stock has moved within a range of $0.3610 – 0.4925 after opening the trade at $0.40.
