Lee Pharmaceuticals and RONN Motor Group, a premier zero-emission hydrogen electric automotive company, have signed a definitive reverse merger agreement
MOBILE, Ala., Feb. 16, 2023 -- Today, Lee Pharmaceuticals (OTC: LPHM) announced that RONN Motor Group would go public through a reverse triangular merger with Lee Pharmaceuticals. Lee Pharmaceuticals is an innovative company seeking pioneering technologies to further sustainability and other global initiatives.
RONN Motor Group will ultimately be the surviving entity. RONN is a leader in the expanding hydrogen fuel cell vehicle (FCVs) industry and is known for its innovative technology and commitment to sustainability and infrastructure development. The reverse merger will allow RONN Motor Group to strengthen its presence in the industry and expand the company globally.
"This opportunity came through years of relationship building, and it is exciting to see this come to fruition positively for all parties involved," said John Morgan, Chairman & CEO of Lee Pharmaceuticals."RONN will be the surviving entity; additionally, we are fully audited and have already begun the process for QB status.
John continued, "LPHM has an approved Tier 2, Reg A offering in place; we have intentions to file an amendment with the SEC to modify the offering and adjust the price to $3 to reflect a higher share value."
"We plan to change the way the world thinks about hydrogen as we are fully committed that hydrogen is the most sustainable energy option for vehicles, homes, and many aspects of our daily lives. This is a significant step for us to be listed as an OTC security. One of many near-term strategies to continue growing the company and positioning ourselves as a global leader in the hydrogen space," said Ronn Ford, CEO & Chairman of RONN Motor Group.
RONN Motor Group intends to step back from its Nasdaq IPO in the weakest and most volatile market in many years; moving to an OTCQB status provides our shareholders liquidity and value as we move to an anticipated early 2024 revenue status and prepare for up-listing to the Nasdaq Small Cap Markets as early as the public market dictates; the company is also contemplating a potential private placement offering to raise new primary capital for manufacturing and pilot programs.
RONN Motor Group, Inc. is a global zero-emission Hydrogen Fuel Cell automaker (FCV). The company was founded by Ronn Ford, who has spent his entire career in the automotive industry exploring ways to innovate and pioneer innovative technologies. His belief is to "Create sustainable energy for mobility and a better quality of life." RONN Motor Group is designing middle-mile trucks and expanding into SUVs for commercial uses. The company works with global automotive manufacturing leaders and currently has negotiations for several distribution agreements. The company is also teaming up with a leading hydrogen fueling company to develop a hydrogen fuel distribution infrastructure domestically and in key countries worldwide.
For more information, go to www.RONNMotorGroup.com
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 business plan. RONN Motor Group believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and the 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 Lee Pharmaceuticals