Nano Nuclear Surges Into Spotlight With USNC Assets Acquisition: Retail Turns Bullish
By Stocktwits Inc | First Published Dec 24, 2024, 7:51 PM ISTNano Nuclear acquired the assets for $8.5 million in cash through an auction process under Section 363 of the U.S. Bankruptcy Code in connection with USNC’s pending Chapter 11 bankruptcy proceedings.
Nano Nuclear Energy Inc (NNE) shares rose nearly 3% in Tuesday’s pre-market session after the company disclosed it will acquire select nuclear energy technology assets from Ultra Safe Nuclear Corporation (USNC) and some of its subsidiaries.
The assets include USNC’s patented Micro Modular Reactor (MMR) system as well as all associated patents and other intellectual property rights, its Pylon reactor technology and related intellectual property, and certain demonstration project partnerships related to the MMR system.
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Nano Nuclear explained that the MMR Energy System is a zero-carbon nuclear power plant, integrating one or several standardized microreactors with a heat storage unit and the adjacent plant for power conversion and utilization.
“The system, which is under development, could be used to provide carbon-free, high-quality process heat for co-located industrial applications and for high-efficiency hydrogen production,” the firm said.
Nano Nuclear acquired the assets for $8.5 million in cash through an auction process under Section 363 of the U.S. Bankruptcy Code in connection with USNC’s pending Chapter 11 bankruptcy proceedings.
NANO Nuclear Founder Jay Yu said the acquisition aligns perfectly with the company’s mission to usher in the next generation of advanced nuclear energy technologies.
“By integrating these cutting-edge technologies, along with valuable intellectual property and established industry and academic connections, we are positioned to accelerate our development phase and bring innovative solutions to market more efficiently. This is a significant step forward in achieving our long-term goals and strengthening our leadership in the advanced nuclear energy sector,” Yu said.
Following the announcement, retail sentiment on Stocktwits inched up into the ‘bullish’ territory (67/100) from ‘neutral’ a day ago, accompanied by high retail chatter.
Retail investors took note of the development and are reflecting a positive take on the stock. One user expects the shares to hit the $30 mark.
Notably, NNE shares have gained a whopping 424% since the beginning of the year. The stock, however, is still about 19% away from hitting its lifetime high of about $33.60.
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