RONN MOTOR GROUP, INC. APPLIES FOR A NAME CHANGE TO RONN INC. AS ITS REVERSE MERGER WITH FORMER LEE PHARMACEUTICALS HAS BEEN COMPLETED
RONN Motor Group (OTC: LPHM) has completed its reverse merger with Lee Pharmaceutical and is applying to change its corporate name to RONN Inc. CEO Ronn Ford announced that this merger is a critical step in their growth strategy. The company is progressing with their Form 10 registration upon receiving year-end 2022 audited financials, aiming to up-list to the OTCQB, which will enhance shareholder liquidity and support a future NASDAQ listing. The new ticker is expected soon. RONN focuses on sustainable transportation solutions, particularly hydrogen fuel cell electric vehicles (HFCEVs), aiming to capitalize on the shift to de-carbonization alternatives.
- Successful completion of reverse merger with Lee Pharmaceutical.
- Application for corporate name change to RONN Inc. enhances corporate identity.
- Progress towards filing Form 10 will improve market visibility.
- Move to OTCQB is expected to provide liquidity for shareholders.
- Focus on HFCEVs positions RONN in a growing sustainable transport market.
- Pending receipt of year-end 2022 audited financials might delay future filings.
- Potential risks associated with the ability to execute their stated business plans.
SCOTTSDALE, Ariz., March 30, 2023 /PRNewswire/ -- RONN Motor Group (OTC: LPHM) , RONN, a leading automotive and technology company, announced today it is completing the application for a corporate name change to RONN Inc. as they have successfully completed the reverse merger takeover of the former Lee Pharmaceutical.
"We are excited to announce that we have completed the merger, as it represents such a significant step forward in our growth strategy," said Ronn Ford, CEO of RONN, Inc.
RONN is also pleased to report the Form 10 registration statement will be completed upon receipt of year-end 2022 audited financials currently handled by Friedman, who recently merged with Marcum. Once RONN files this form with the SEC, they will complete their move to the OTCQB.
"Choosing to move to an OTCQB fully reporting and audited status provides our shareholders some liquidity and allows us to determine a more opportune time to enter into a NASDAQ listing with a greater chance of success," said Mr. Ford.
The completion of this merger, name change application to RONN Inc., and progress towards the Form 10 filing are the first phase of RONN's refiling of its S-1 as it moves strategically to up list to NASDAQ when the market conditions become more favorable. RONN expects their new ticker to be issued in the following weeks.
About RONN Motor Group
RONN intends to offer one-stop solutions for individuals, groups, cities, states, and countries seeking de-carbonization alternatives. We design vehicles to provide solutions to many of the challenges faced in the transportation sector. Headquartered in the US, with offices in Arizona and Michigan, RONN Motor Group is capitalizing on this paradigm shift to sustainable energy available in transportation. RONN features a portfolio of HFCEVs ranging from urban logistics transport vehicles to luxury SUVs, and sedan models built on common platforms, allowing launches as this new sector develops. The primary focus will be on HFCEVs to provide mobility options for customer segments that want to refuel quickly, have a more extended range, higher payload, and/or more cargo volume. RONN believes HFCEVs provide freedom to move as they can support a more extended range which also implies more flexibility, whether for daily use in a family's busy schedule as a passenger vehicle or for planning freight transport routes.
RONN's HFCEVs are designed to be well suited for drivers of passenger vehicles, SUVs, taxis or other ride-sharing platforms, and urban delivery trucks. These vehicles are further designed to provide a smaller powertrain volume, allowing for more payload, a higher degree of freedom in vehicle design, and shorter fueling times, and HFCEVs provide consistent performance regardless of external temperature fluctuations.
For more information go to www.RONNMotorGroup.com or contact
Sheila R. Stewart at 480.414.9922 (c) or SStewart@RonnMotorGroup.com
Disclaimer
DISCLOSURE: This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, the ability of RONN Motor Group to accomplish its stated plan of business. RONN Motor Group believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and there forward-looking statements included in this press release will prove to be accurate. Considering the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by RONN Motor Group or any other person.
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SOURCE RONN Motor Group
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