RENN - Renren pursues rebranding to change name to Moatable Inc.
2023-06-08 07:33:34 ET
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Renren ( NYSE: RENN ) shares are up 5.6% premarket on Thursday after it has rolled out a name change and rebranding to reflect its business model's change from B2C internet to vertical B2B SaaS.
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The company plans to change name to Moatable, Inc., and change its ticker from RENN to MTBL, expected to become effective on June 22, 2023.
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"We intend for our portfolio companies to be 'moatable' meaning they have competitive moats – or safeguards – such as technology, network effects, entry and exit barriers, first mover advantage, and economies of scale," added Chris Palmer, CFO.
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More on Renren:
- Renren repurchases 288M SoftBank shares
- Renren reports Q1 results
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Renren pursues rebranding, to change name to Moatable, Inc.