Nano Nuclear Energy Stock Trends On Stocktwits After 20% Rally: Why Is Retail Neutral?

Nano Nuclear Energy stock soared nearly 20% on Wednesday after Rwanda signed a deal with the firm to develop nuclear energy by constructing mini-reactors.

The Rwanda Atomic Energy Board (RAEB) said in a statement that the purpose of the memorandum of understanding is to initiate cooperation between the two parties to facilitate the introduction of small modular reactors (SMRs) and microreactors into the Republic of Rwanda. Agence France Presse had earlier reported the story.

Nano Nuclear will provide technical assistance, nuclear training, and education programs to increase the number of domestic nuclear energy personnel in the country, it said.

CEO of Nano Energy Inc., James Walker said the firm aims to create a nuclear energy industry in Rwanda that not only serves the country but also has the potential to deploy its enterprise and products across the continent.

RAEB and Nano Nuclear have agreed to develop additional measures to introduce technologies that can economically benefit the country, including modern nuclear infrastructure. The parties will also establish a deeper business collaboration to secure the necessary capital for developing and sustaining a thriving nuclear industry within Rwanda, it said.

Despite the positive announcement, retail investors on Stocktwits are ‘neutral’ (45/100) on the stock as they appear to be digesting Nano Nuclear’s hiring of attorney Alex Spiro of Quinn Emanuel to explore and assert all legal recourse against Hunterbrook Media LLC and Hunterbrook Capital for “defamatory and deceptive claims.”

Earlier, open-source investigative reporting and global breaking news outlet Hunterbrook Media came out with a report stating that ‘Nano Nuclear has no revenue, no products, “laughable” timelines, part-time executives, and a $600 million market cap.’

James Walker, Chief Executive Officer, and Head of Reactor Development of NANO Nuclear Energy said there has been a lot of speculation and controversy as to how Hunterbrook conducts their business. Walker said the firm is confident that its efforts will help get the truth of “their actual motives in publishing their self-serving, misleading and deceptive report.”

Stocktwits users appear to be on the wait-and-watch mode to get better clarity on the firm’s prospects before getting involved in the stock.