26 Dec 2023listing compliance notice▼ BadMajor
ADAMANT DRI PROCESSING & MINERALS GROUP deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2023auditor change▼ Bad
Adamant dismissed auditor Keith Zhen, CPA (who had also flagged going-concern doubt) and engaged GBQ Partners -- its last auditor change before deregistering from the SEC six weeks later.
13 Aug 2019listing compliance notice▼ BadMajor
ADAMANT DRI PROCESSING & MINERALS GROUP deregistered its securities, ending its obligation to file reports with the SEC.
2 Apr 2019capital raising announcement▼ Bad
Post-pivot Adamant raised a token $49,975, selling 2.5 million shares at $0.02 each to a single non-U.S. investor -- a sign of how thin its financing options had become.
What it means for a shareholder
2.5m new shares at US$0.020 to raise about US$49,975. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held US$1,000 of shares (50,000 at the issue price), your slice goes from 0.313% to 0.271% of the company. To keep it you'd need 7,823 more shares - about US$156 at the issue price.
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26 Dec 2018material agreement▼ BadMajor
Adamant divested its original DRI iron ore business entirely, exchanging its Haixing Huaxin subsidiary -- owner of a $39 million Hebei production facility that had never reached full-scale output under Chinese environmental restrictions -- for 48.4 million of its own shares held by 16 exiting shareholders, completing the pivot toward the Shenzhen exhibition business.
14 Dec 2018asset acquisition disposition● NeutralMajor
Adamant agreed to take VIE control of Shenzhen Dingshang Technology, a Chinese exhibition- and display-design business, issuing 3 million shares to its owner -- the first sign of a pivot away from the struggling DRI iron ore business, completed eight days later.
28 Sept 2018auditor change▼ Bad
MJF & Associates resigned as Adamant's auditor about four months after the 2016 restatement, having also flagged going-concern doubt about the company.
24 May 2018financial restatement▼ BadMajor
Adamant restated its 2016 financial statements after discovering nearly $1.7 million of unrecorded legal expenses tied to litigation against its own DRI subsidiary, Haixing Huaxin Mining Industry -- cutting both 2016 net income and stockholders' equity.
4 Feb 2015auditor change▼ Bad
Goldman Kurland & Mohidin resigned as Adamant's auditor about six months in, having already flagged going-concern doubt; MJF & Associates was engaged as replacement.
23 July 2014auditor change● Neutral
Newly renamed Adamant dismissed its legacy UHF Incorporated auditor, Louis Plung & Co., and engaged Goldman Kurland & Mohidin -- the auditor already used by the iron-ore business it had just merged with.
7 July 2014business combination▲ GoodMajor
UHF Incorporated, a Delaware shell company, reverse-merged into a China-based iron ore processing business run through a VIE structure in Hebei Province and renamed itself Adamant DRI Processing and Minerals Group.