Why Did Lee Pharmaceuticals (OTCMKTS:LPHM) Stock Soar 156% On Thursday?
Following a significant new announcement from the company yesterday, the Lee Pharmaceuticals (OTCMKTS:LPHM) stock emerged as one of the major gainers and ended up with gains of as much as 156% amidst heavy interest. The company announced yesterday that RONN Motor Group was going to go public by way of a reverse triangular merger also involving Lee Pharmaceuticals.
On Thursday, LPHM stock soared 156.41% to $0.1100 with more than 1.24 million shares traded, compared to volume of 33.06K shares. The stock moved within a range of $0.0800 – 0.2360 after opening trading at $0.1000.
Lee Pharmaceuticals and RONN Motor Group, a premier zero-emission hydrogen electric automotive company, have signed a definitive reverse merger agreement
In this regard, it should be noted that Lee Pharmaceuticals is a company that is looking to get innovative technologies for the purpose of promoting sustainability among other initiatives. Once the merger is completed, the only surviving entity is going to be RONN Motor Group.
It is also important for investors to keep in mind that RONN is one of the leaders in the fast growing hydrogen fuel cell vehicle industry and is well-known for its innovative technology. The company is committed to sustainability and infrastructure development. The triangular reverse merger is going to help the company in further expanding its foot print in the industry and perhaps even go for a global expansion.
The Chief Executive Officer and Chairman of Lee Pharmaceuticals John Morgan noted that the opportunity came along after having spent years in building relationships.