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Consumer Discretionary

Moxian, Inc. (MOXC US)

Year: 2021

Chinese social marketing and promotion platform Moxian upgraded to the NASDAQ Capital Market in August 2021 following a 50-fold share price rise in less than a year. Just prior to the upgrade, in July 2021, short-seller Wolfpack Research published a report which alleged that the company was a pump and dump stock promote which was embezzling shareholders' funds. There appeared to be little direct fall-out from the report but subsequently, the company downgraded to a Foreign Private Issuer, changed auditor, raised US$40m and announced that it was acquiring bitcoin machines. Given the stock's more than 90% decline since the short-seller's report, allegations of a stock promote seem credible but the embezzlement allegations were not proven given that the auditor signed off on Moxian's FY21 financials.

Last updated August 2022.

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

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