MOXC - Moxian sheds 12% as Wolfpack Research details short position

China's Moxian (MOXC), no stranger to volatile stock moves on Nasdaq, is down 11.7% today as Wolfpack Research launches a Twitter thread on why it's short the Internet content name. It's a "failed business turned stock promotion," Wolfpack says in a new report. Since Moxian shut down its O2O business in Sept. 2018, it's claimed to be in the online ad business in China, Wolfpack notes - but it says the license to operate such a business in China was canceled by the government in February 2021: "This wasn't disclosed to investors, of course." That license was held by Shenzhen Moyi, named as Moxian's VIE (variable interest entity, a structure commonly used by China-based, U.S.-listed companies), but "we found none of the requisite contracts or share pledge agreements that make up the VIE structure ... It appears to us that Moyi Shenzhen never had a legal VIE relationship with Moxian

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Moxian sheds 12% as Wolfpack Research details short position