- Shares are up from $1 to $10/sh - ascribing a $200m market cap to the company, but what do investors own?
- MOXC is a Nevada incorporated company, with a majority of its subsidiaries in Samoa. However, a check reveals it is in "default" in Nevada, and its Samoa entities don't exist.
- MOXC just issued stock to a few investors at a 76% discount to the closing price on April 1st. Even worse, they didn't notify the SEC until 6 days later.
- There's been no bullish news since the equity raise. Instead, the company has increased its allowance for bad debts recently.
- Fair value is exactly where the stock has traded and it sold equity > $1.25/sh or less.
- Buyer beware on MOXC- Moxian
- We've shared our key findings on Twitter (missing entities) and a main entity in default
- They issued stock to a broker and three people at $1.25/sh and now the stock is at $10/sh for no valid reason
- No revenues and no clear business in our view
- We see 100% downside risk
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Analyst's Disclosure: I am/we are short MOXC.
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