Renren Inc. rebrands, begins trading under new NYSE ticker symbol
A Phoenix-based technology company has changed its name and is trading on the New York Stock Exchange under a new ticker symbol.
Renren Inc. has rebranded to Moatable in a move that it says better reflects “its focus on building great businesses,” the company announced on Thursday.
Renren retired its previous NYSE ticker symbol RENN on Thursday and is now listed under ‘MTBL,’ according to the company.
“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,” Chris Palmer, chief financial officer of Moatable, said in a statement. “The new branding embodies our focus on building great businesses and reflects our ongoing efforts to create long-term value for our stakeholders through innovation, efficiency, and a growth mindset.”
The company, which acquires and builds software-as-a-service firms, previously announced plans to change its name earlier this month.
Moatable’s subsidiaries include two SaaS companies — Chime Technologies Inc. and Trucker Path Inc. — both based in Phoenix and focused on serving U.S. customers. Chime Technologies has a platform designed to help real estate agents close deals faster, while Trucker Path provides applications for truck drivers to plan trips, navigate and operate their businesses.
“The Moatable brand better represents who we are today, where we are going, and how we get there,” Joseph Chen, chairman and CEO of Moatable, said in a statement. “Moatable reflects our desire to continue incubating, acquiring, and operating high-growth SaaS businesses with competitive moats and the ability to scale.”
Renren’s rebranding reflects its shift from a business-to-consumer internet to a business-to-business SaaS firm, according to the company.
Moatable was not immediately available for comment on its rebranding.
From Beijing to Phoenix
Moatable, which was previously headquartered in Beijing, China, launched in 2005 as a Chinese social networking platform called Xionei. It later exited the social network business and became a holding company, the Business Journal previously reported.
Palmer, who joined Moatable in 2021, told the Business Journal that Chen, the company’s CEO, decided to open an office in Phoenix after acquiring Geographic Farming LLC, which had been based in the Valley.
Since then, the company purchased a more than 17,800-square-foot building at 45 W. Buchanan St. in downtown Phoenix for its new corporate headquarters.
In 2023, the company transitioned from a foreign private issuer to a U.S. issuer and now runs its global business from its Valley headquarters, according to a 2022 annual report filed with the U.S. Securities and Exchange Commission.
At the end of 2022, Moatable had 601 employees with 124 workers based in the U.S., according to the company’s annual report.
Moatable reported annual revenue of $45.8 million in 2022, compared to $32.2 million a year prior, according to a regulatory filing.
It reported a net loss of $3.4 million in the first quarter of 2023, compared to a net loss of $4.8 million in the first quarter of 2022, another regulatory filing shows.
Moatable’s stock closed at $1.42 a share on Thursday, down 13.9% from the previous trading day. Track the stock here.