Moxian Updates the Status Under Holding Foreign Companies Accountable Act
26 Mai 2022 - 10:20PM
Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), a
company in bitcoin mining and related services in the United States
and a provider of Internet media marketing services in China, today
updates its status under the Holding Foreign Companies Accountable
Act (the “HFCAA”). The Company was provisionally named by the
United States Securities and Exchange Commission (the “SEC”) as a
Commission-Identified Issuer on May 20, 2022 U.S. Eastern Time,
following the Company’s filing of the annual report on Form 20-F
for the fiscal year ended December 31, 2021 with the SEC on May 13,
2022.
The Company understands that this identification
under the HFCAA and its implementation rules issued thereunder
indicates that the SEC determines that the Company used a
registered public accounting firm whose working papers cannot be
inspected or investigated completely by the Public Company
Accounting Oversight Board of the United States (the “PCAOB”) to
issue the audit opinion for its financial statements for the fiscal
year ended December 31, 2021. As the Company disclosed in the Form
20-F for the year ended December 31, 2021, pursuant to the HFCAA,
the PCAOB issued a determination report on December 16, 2021 which
found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in Mainland China
and the Special Administrative Region of Hong Kong. As the
Company’s auditor that audited the Company’s financial statements
for the 2021 fiscal year is one of the registered public accounting
firms headquartered in Hong Kong, the PCAOB is unable to inspect or
investigate completely the audit work because of the position taken
by the Hong Kong authority.
In accordance with the HFCAA, a company’s shares
will be prohibited from being traded on a national stock exchange
or in the over-the-counter trading market in the United States only
if the company has been identified by the SEC for three consecutive
years beginning in 2021 due to the PCAOB’s inability to inspect the
auditor’s working papers.
The Company has been actively exploring possible
solutions to protect the interest of its shareholders, including
engagement of an auditor which is not headquartered in Mainland
China or Hong Kong. The Company will continue to comply with
applicable laws and regulations in both China and the United States
and strive to maintain its listing status on Nasdaq.
About Moxian (BVI) Inc
Moxian (BVI) Inc, a company organized in the
British Virgin Islands in May 2021, is the surviving company
following its merger with Moxian, Inc. in August 2021. Moxian (BVI)
Inc is based in Beijing, China, and currently operates in Beijing,
China, as a provider of media marketing services and in the states
of New York and Georgia in the U.S.
Forward-Looking Statements
This announcement contains forward-looking
statements as defined in Section 21E of the Securities Exchange Act
of 1934 as amended. These forward-looking statements are based on
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995 and may be governed by terms such as “will,”
“expect,” “anticipate,” “future,” “intend,” “plan,” Believe,
“estimate”, “potential”, “continue”, “in progress”, “goal”,
“guidance expectations” and similar statements are identified. The
company may also include in its periodic reports to the US
Securities and Exchange Commission (“SEC”), annual reports to
shareholders, press releases and other written materials, as well
as oral statements from third parties to the company’s management,
directors or employees. Oral forward-looking statements. Any
statements that are not historical facts, including statements
about the company’s philosophy and expectations, are
forward-looking statements that involve factors, risks, and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These factors and
risks include, but are not limited to, the following: company’s
goals and strategies; future business development; financial status
and operating results; expected growth of China’s credit industry,
especially the expected growth of China’s online lending platform;
market-oriented and credit products and The demand and acceptance
of services; and the ability of credit to attract and retain
borrowers and lenders in the market; the relationship between the
company and strategic partners; industry competition; and policies
and regulations related to the company’s structure, business and
industry. More detailed information about these and other risks and
uncertainties is included in the company’s filings with the
Securities and Exchange Commission. All information provided in the
company’s introduction is the latest information as of the date of
publication of the company. Except as provided by applicable law,
the company is not obligated to update such information.
For further information, please
contact:
Wanhong Tan Chief Financial Officer+852 9855
6575yf@abitgrp.com
Moxian (NASDAQ:MOXC)
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