Fission Impossible: Nano Nuclear Has No Revenue, No Products, “Laughable” Timelines, Part-Time Executives, and a $600 Million Market Cap

  • Nano Nuclear Energy (NASDAQ: $NNE) stock rose over 450% after going public in May, reaching a market cap of more than $850 million, even though the company has no revenue, products, or patents for its core technology.
  • NNE estimates that it will bring nuclear microreactors to market between 2030 and 2031. An expert called this timeline “frankly laughable.” The former chair of the Nuclear Regulatory Commission said it “won’t happen” — given that competitors with more resources have taken 15-20 years for similar projects.
  • Building a single small modular reactor, the product closest to what NNE is pitching that has actually been developed, costs at least hundreds of millions of dollars for research and development. NNE reported having just under $6 million in cash in the first quarter of 2024. During the same quarter, NNE spent much more on advertising ($434,800) than it did on research and development ($290,000), despite its status as a pre-product, pre-revenue company.
  • NNE’s executive chairman and president, CEO, and CFO work as independent contractors at the company and continue to hold senior management positions at other public companies. The stock price of each of those companies sits below $1.00 — and several have market caps under $5 million.
  • The company’s auditor was recently sanctioned and fined by the Public Company Accounting Oversight Board for taking on hundreds of SPAC clients without necessary resources. 
  • As of July 2024, the U.S. Nuclear Regulatory Commission does not list NNE among the companies that have begun pre-application activities for the kind of reactor NNE is pitching. An NRC spokesperson told Hunterbrook Media that the Advanced Reactor department is “not aware of this company” and “we have not had any pre-application dealings with them.”
  • Despite reportedly saying approvals were “pretty much complete” for a uranium fuel fabrication facility, NNE only claims to have submitted an initial site proposal with the Department of Energy in August 2023, and the company appears to have filed no permitting or regulatory application documents with the NRC, according to a review of the agency’s online public records portal.
  • NNE did not respond to repeated requests for comment. 
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Hims & Hers Selling GLP-1 Injection That’s Not FDA Approved, From Shady Supplier — And Won’t Make You Talk to a Doctor to Get It 

  • Hims & Hers sells knockoff GLP-1 weight loss drugs through a loophole that could end at any time. 
  • Hims relies on a sole GLP-1 supplier with previously unreported ties to fraud and bankruptcy.
  • An obesity doctor called GLP-1 knockoffs “the largest uncontrolled, unconsented human experiment of our lifetime.” 
  • A Hunterbrook Media reporter qualified for GLP-1 knockoffs from Hims after a 4-minute survey — then got a prescription without speaking to a doctor or submitting medical records.
  • Hims could suffer legal liability if GLP-1 knockoffs prove unsafe, ineffective, or violate a Big Pharma patent — according to an FDA legal expert.
  • GLP-1 drugmakers are litigating against unapproved knockoffs like those sold by Hims. Experts say Hims could be subjected to a patent suit regardless of the loophole it’s using.
  • Hims executives, including the Chief Executive Officer and Chief Legal Officer, have sold more than 1.7 million shares, realizing $26.4 million of net proceeds since their announcement on May 20 that Hims will sell GLP-1 knockoffs.
  • Belcher, Hims’ supplier, told Hunterbrook Media it is “manufacturing the compounded GLP-1 as a drug shortage product to service a community need” and “complying with all necessary parameters as they pertain to safety.” Hims did not respond to repeated requests for comment. 



American food giant Archer-Daniels-Midland owns a major stake in two factories in Xinjiang — a Chinese region notorious for state-imposed forced labor — through 22.5% ownership of Wilmar International. Since forced labor campaigns intensified in 2017, the two facilities have quietly expanded their footprint, while other companies left Xinjiang. Gregory Morris, president of ADM’s largest division, serves on Wilmar’s board. His seat was previously held by ADM’s current CEO, including during Wilmar’s expansion of both facilities. ADM says it has “significant influence” on Wilmar. Both companies have pledged to eliminate forced labor from their supply chain. Yet, ADM has not disclosed these facilities — claiming, instead, that there is “no identifiable direct or indirect connection between ADM and the region” — even though the U.S. government determined state-led forced labor and other human rights violations in Xinjiang amounted to genocide and placed a blanket ban on U.S. import of goods from the region. A partner company of Wilmar’s in Xinjiang has denied forced labor occurs at one of the facilities. Nell Minow, co-founder of Institutional Shareholder Services (ISS), told Hunterbrook Media that Morris should step down from the board. This is the latest in a string of governance problems at ADM, which experts say risk ADM’s access to environmental, social, and governance funding and customer relationships with companies opposed to slave labor.

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