Welcome to our dedicated page for Abits Group news (Ticker: MOXC), a resource for investors and traders seeking the latest updates and insights on Abits Group stock.
Abits Group Inc. (symbol: MOXC), also known as Moxian, is a dynamic company that creates vibrant online communities by integrating social networking and e-commerce. Moxian's platform connects users, businesses, and consumer lives in an interactive and enjoyable online environment. By leveraging the power of social groups and consumer engagement, Moxian allows users to enjoy a rich online experience.
One of Moxian's standout features is Mocoin. Users can earn Mocoins through various channels, such as daily activities like publishing posts, liking, commenting, and inviting friends to join the platform. These Mocoins can be used for entertainment applications, prize exchanges, and even shopping experiences. Additionally, users can receive luxurious gifts through their accumulated Mocoins. This gamified incentive system encourages active participation and fosters a sense of community among users.
On the business side, Moxian facilitates trend merchandise understanding and experience sharing. Businesses can form friend groups, allowing them to stay connected with their customers and provide them with the most affordable and enjoyable shopping experiences. The platform's user-centric approach aims to enhance customer loyalty and drive business growth.
Recently, Abits Group Inc. has made significant strides in enhancing its platform's capabilities. The company is actively working on projects to improve user interaction and engagement, thereby increasing the platform's value for both users and businesses. With a strong focus on innovation and user satisfaction, Moxian continues to evolve as a leader in the social commerce space.
Financially, Abits Group Inc. is focused on maintaining a stable and healthy economic condition. The company is continuously exploring new partnerships and opportunities to expand its reach and influence. By staying at the forefront of technological advancements and market trends, Moxian is committed to delivering an unparalleled online experience to its users.
Moxian (BVI) Inc (NASDAQ: MOXC) reported unaudited financial results for the six months ended June 30, 2022, highlighting challenges in its bitcoin mining operations. The company initiated mining in Georgia and Buffalo, New York, but faced profitability issues due to declining bitcoin values and high electricity costs, resulting in a largely offline fleet. Despite this, Moxian maintains a sound financial base with controlled overheads and expresses optimism for future mining activities if market prices improve.
Moxian (BVI) Inc (NASDAQ: MOXC) announced it is not in compliance with Nasdaq’s minimum bid price requirement as its Class A shares closed below $1.00 for 30 consecutive business days. Nasdaq notified the Company on November 11, 2022, and the Compliance Period ends on May 10, 2023. If Moxian's share price reaches $1.00 for 10 consecutive business days during this timeframe, compliance will be confirmed. If not, the Company may qualify for an additional 180-day grace period. The stock will continue trading uninterrupted on Nasdaq.
Moxian (BVI) Inc (NASDAQ: MOXC) has announced its divestment of Moxian Hong Kong for HKD 1,000, concluding its operations in China. This decision follows sustained losses from Moxian Hong Kong since its inception, particularly in mobile payment and advertising sectors. The company's focus has shifted entirely to bitcoin mining in the U.S., specifically in New York and Georgia, as CEO Conglin Deng emphasizes its potential for steady revenue despite market fluctuations. The divestment aligns with the company’s strategy to streamline operations and enhance financial health.
Moxian (BVI) Inc (NASDAQ: MOXC) has appointed Audit Alliance LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2022, following the resignation of Centurion ZD & Co. on June 30, 2022. Audit Alliance, based in Singapore, will undergo inspections by the Public Company Accounting Oversight Board of the United States. The appointment is set to be ratified by shareholders at the annual meeting on August 12, 2022.
Moxian (BVI) Inc (NASDAQ: MOXC) has announced its 2022 annual meeting of shareholders scheduled for August 12, 2022, at 10:00 A.M. local time in Singapore. Shareholders as of the record date, July 12, 2022, are entitled to vote. Proposals for the agenda must be submitted by July 11, 2022. Moxian operates in bitcoin mining and Internet media marketing services across China and the U.S., and was formed following a merger in August 2021.
Moxian (BVI) Inc (NASDAQ: MOXC) provided an update regarding its status under the Holding Foreign Companies Accountable Act (HFCAA). On May 20, 2022, the SEC provisionally identified Moxian as a Commission-Identified Issuer due to its auditor being based in Hong Kong, which restricts PCAOB inspections. If identified for three consecutive years, Moxian's shares may face trading prohibitions in the U.S. The company is exploring solutions, including appointing a non-Hong Kong auditor, to protect shareholder interests and maintain its Nasdaq listing.
Moxian (BVI) Inc (NASDAQ: MOXC) has successfully completed a private placement of 16 million new ordinary shares at $2.50 each, raising $40 million. Of this, $29.8 million has been allocated to acquire bitcoin mining assets, with the remainder kept as working capital. Shareholder approval for these transactions was given on December 28, 2022. The deployment of these mining assets is expected to commence in the United States by the end of February 2022, marking a significant step in diversifying Moxian's business operations.
Moxian (BVI) Inc (NASDAQ: MOXC) announced on February 8, 2022, that it received a letter from Nasdaq stating it had not met the periodic filing requirements due to the late filing of its Form 20-F report. The report, covering the transition period from October 1 to December 31, 2020, was due on November 16, 2021. However, after filing the Form 20-F on February 7, 2022, Nasdaq confirmed compliance with its rules, and the matter is now resolved.
Moxian (BVI) Inc. (NASDAQ: MOXC) has announced a Special Meeting of Shareholders on December 28, 2021, to discuss its entry into the bitcoin mining business. Shareholders registered by December 9, 2021, can vote on three proposals: the Share Purchase Agreement to issue 20 million shares at $2.50 each for $50 million, the Asset Purchase Agreement for acquiring bitcoin mining assets for $29.8 million, and a potential adjournment of the meeting for further proxy solicitation if necessary.
Moxian (BVI) Inc. (NASDAQ: MOXC) has appointed Mr. Conglin (Forrest) Deng as its new Chief Executive Officer, effective immediately. Mr. Deng, with prior experience managing blockchain investments and co-founding an online gaming company, aims to identify new business opportunities for sustained profitability. He will receive a base salary of $120,000 and 600,000 Restricted Stock Units, pending shareholder approval. Chairman Hao Qinghu expressed confidence in Mr. Deng's leadership as Moxian seeks to explore new investment avenues.
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