Reliant Holdings Inc. (OTCQB:RELT) Stock Takes a Hit: Here is Why

This past Friday, the Reliant Holdings Inc. (OTCQB:RELT) stock suffered from a selloff and declined following a key announcement from the company. The company revealed that it filed a new 8K pertaining to its name change to Onar Holding Corporation.

Reliant Holdings, Inc. Prepares to Usher in a New Chapter as Onar Holding Corporation

The name change had been filed under the same category as Significant Changes in Executive Officers or Directors. In the news release, Reliant Holdings noted that the name change was a major new milestone as it evolved and further expanded its market presence. The vote that led to the decision also marked a new start for the management, which had come into place following a reverse merger.

The move to change the name of Reliant Holdings to Onar Holding Corporation was voted upon and approved following a vote that took place at the shareholder meeting held on September 13, 2024. The company had commenced the process of changing its name with applicable authorities like FINRA.

Additionally, Reliant Holdings also got the approval through a vote that enabled written consent for company actions. The shareholders also voted in favor of the board conducting a reverse stock split of up to 1:1000 in a period of 24 months. The company stated that it looked forward to a new era in which it would have a consolidated brand that would be committed to bringing about success across operational markets.

Management Comment

In a statement regarding the 8K filing released today, Claude Zdanow said, “I’m thrilled to announce that Reliant Holdings, Inc. will officially become Onar Holding Corporation. This name change reflects another important milestone in our journey and the beginning of a new chapter. With the support of our shareholders and the leadership of our talented team, I am confident that ONAR will continue to thrive and deliver value to our stakeholders.”