Fuel-cell car maker Ronn files for IPO
Ronn Motor Group Inc. on Monday filed for an initial public offering, seeking to sell 10 million shares between $5 and $8 apiece. The auto maker, of Scottsdale, Ariz., said it would list on the Nasdaq under the symbol RONN. Ronn, which said it had successfully produced prototype vehicles, is focused on "leading edge all-electric, hydrogen-fuel-cell" vehicles. Its vehicle, the Phoenix, is intended to have a range of 300 miles to 600 miles with hydrogen fuel-cell and battery-enhanced options, the company said in its prospectus. The Phoenix is in its "final phase" of development and production, with a prototype expected by the second quarter of 2020, the company said. A second vehicle would be ready for market by the end of 2022, Ronn said. The auto maker lost $338,073 last year, compared with a net loss of $1.9 million in 2017.
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