Hoth Therapeutics (NASDAQ:HOTH) shares are trading sharply higher in after-hours trading Tuesday.
HOTH shares surged 27.94% to $1.74 in after-hours trading after the company announced its corporate name change to Rocket One Inc. and a new ticker symbol, "RKTO," effective May 28.
The company is focused on AI chip technology and computing systems for space and defense applications, including satellites and low-Earth orbit systems.
Rocket One Rebrand
The company announced that its common stock will stop trading under the "HOTH" ticker at the close of May 27 and begin trading under "RKTO" on May 28.
According to the company, the Rocket One brand reflects its focus on the orbital economy and next-generation computing technology for space systems.
The company also announced exclusive rights to nanomagnetic AI chip technology designed for low-power and radiation-tolerant computing.
Rocket One stated that the technology is intended for use in satellites, defense systems and AI workloads in space environments.
The company added that its biotechnology programs will continue under a wholly owned subsidiary.
Trading Analysis
Hoth Therapeutics currently has a market capitalization of approximately $25.95 million, with a 52-week high of $2.12 and a low of $0.49.
The stock is up 60% over the past 12 months.
Price Action: According to market data, HOTH closed Tuesday's regular trading session up 92.01% at $1.36. Shares later gained another 27.94% in after-hours trading to $1.74.
Benzinga's Edge Stock Rankings indicate that HOTH shares currently maintain negative short, medium and long-term price trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Gorodenkoff on Shutterstock.com
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