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.
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