Shares of Hoth Therapeutics Inc. (NASDAQ:HOTH) climbed about 20% in premarket trading on Wednesday after the company disclosed a strategic shift into the space technology sector and a corporate rebrand. The firm said it will operate under the name Rocket One Inc. and begin trading under the new ticker symbol "RKTO" at the market open.
The legal name change to Rocket One Inc. was completed on Monday. HOTH was set to stop trading at the close of trading on Tuesday, and the newly selected ticker was scheduled to take effect when markets open on Wednesday.
The rebranding accompanies a pivot toward the orbital economy with a stated emphasis on satellites, defense platforms, and space-based AI systems. The company said it will continue its existing biotechnology efforts through a wholly owned subsidiary, preserving programs developed under the Hoth Therapeutics umbrella.
At the center of Rocket One's stated strategy is an exclusive right to a nanomagnetic AI chip technology intended for space and defense use. The company characterizes the technology as using magnetism at the nanoscale to perform AI calculations, instead of relying on conventional electron-based silicon chips.
According to company statements, the chip architecture is designed to retain data without a continuous power supply, consume substantially less energy than traditional AI chips, and occupy a smaller physical footprint. Those design attributes, the company said, are intended to address power limitations and radiation-related challenges commonly encountered in space environments.
Rocket One outlined planned areas of pursuit that include AI chip hardware for orbital environments, nano-launch and nanosatellite systems, and defense applications where radiation tolerance and energy efficiency are required.
"Space is moving from a launch story to a compute story," said Robb Knie, Chief Executive Officer. "We believe that the platforms that will define the next decade in orbit will be the ones that can think for themselves under power and radiation constraints that ground-based hardware was never designed to handle."
The company's existing biotechnology pipeline will remain active under the subsidiary structure. Programs named by the company include HT-001, HT-KIT, HT-ALZ, and a GDNF-based metabolic program, all of which will continue development under the wholly owned subsidiary.
This report presents the company's stated strategic shift, the timing of its corporate and ticker changes, the technology the company has secured rights to, and the continuation of its biotechnology programs under a subsidiary. It does not introduce additional claims beyond the company's disclosures.