RONN Inc. (OTC:RONN) Stock Takes a Hit: Here is Why

The hydrogen energy market has attracted a lot of attention from investors in recent times, and one of the companies in the sector that could be worth tracking is RONN Inc. (OTC:RONN). On January 4, the company announced that it had opted for a strategic move pertaining to the cancellation of 100 million RONN common shares with immediate effect.

Ronn noted in its news release that the move was aimed at boosting shareholder value and was part of its larger objective of being listed on NASDAQ this year. However, that was all. The company also revealed that it had made significant progress in its work in the hydrogen carbon offset global credit market in the third fiscal quarter of 2023. The Chief Executive Officer of RONN recently announced that RONN’s carbon offset credits were on course to be traded on the new trading platform from NASDAQ. It was also noted that trading would begin by the end of this year.

On December 13, the company was in the news after it announced that it had inked a strategic agreement with NetZero LLC. At the time, Ronn revealed that the agreement was going to be a transformational step toward net neutrality. As per the terms of the agreement, NetZero would be responsible for the pre-sale, registration, and monetization of environmental credits on RONN’s behalf.

In the news release, the company also noted that it was an emerging market that had considerable potential for cash value in the long term. The long-term value would be conditioned on these credits following the same direction as the current environmental credit market related to electric vehicles. Additionally, NASDAQ had also announced a platform on which the hydrogen environmental credits would be traded by using the services platform of the exchange.