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If you read this and thought “WTF?” like I did... did some quick research (it’s late here and I’m on my phone) hopefully this all makes sense.
All info below came from the SEC 8K filing that is public (and a cautionary tale in corporate governance!!!):
https://sec.report/Document/0001493152-20-021087/ https://twitter.com/taylorlorenz/status/1329286131725209600
All info below came from the SEC 8K filing that is public (and a cautionary tale in corporate governance!!!):
https://sec.report/Document/0001493152-20-021087/ https://twitter.com/taylorlorenz/status/1329286131725209600
“Tongji Healthcare Group” as reported in these PR press releases looks like one of many shell companies w that was set up in 2006 by a legitimate Chinese medical group, Nanning Tongji Hospital, Inc.
Fwiw companies set up off shore vehicles all the time for all kinds of reasons, and in 2006, two companies by the same name (Tongji) were set up in the US: One in Nevada, the other in Colorado. The one in Colorado was eventually dissolved, but unfortunately the NV was forgotten.
Fast forward to 2019- a third party by the name of Joseph Arcaro somehow was granted custodianship over this forgotten shell company by appealing to a NV judge
Did a quick googling of his name, and some of the results that came up in penny-stock subreddits were..less than flattering- he seems to frequently run these shells under the guise of forgotten about Chinese company vehicles. Tongji seems to fit the bill.
https://www.reddit.com/r/pennystocks/comments/ddhrg4/joseph_arcaro_shell_lege_sold_12_mil_float_0271/
https://www.reddit.com/r/pennystocks/comments/ddhrg4/joseph_arcaro_shell_lege_sold_12_mil_float_0271/
I’m no expert on penny stocks/ how to get them publicly listed/ how to gain custodianship of these defunct vehicles..but imagine there are loopholes there!
Anyway! Even though it’s a shell company w no operations today, it’s still public and subject to annual and quarterly filings, which was how I found the filing in the first place about this head-scratcher of an announcement. https://sec.report/Document/0001493152-20-021087/
Now comes the interesting part, in a practice that’s known as “corporate hijacking”
This bizzare “why the hell would a Chinese healthcare group buy a tiktok content house” transaction seems to fit the bill here by all description
https://www.gopublicdirect.com/dont-get-hijacked-public-shell-reverse-merger/
This bizzare “why the hell would a Chinese healthcare group buy a tiktok content house” transaction seems to fit the bill here by all description
https://www.gopublicdirect.com/dont-get-hijacked-public-shell-reverse-merger/
It’s 1 am and there’s tons more materials to go through and read up on, but I think there is some serious shit here that’s not right.
All I can say for sure right now with what I’ve been able to find is that this has nothing to do with the actual Chinese healthcare group.
All I can say for sure right now with what I’ve been able to find is that this has nothing to do with the actual Chinese healthcare group.
Yup- this confirms it- likely how custodianship was granted!
Cc’ing my reporter friends to look more into this! It’s an important story, and while this may have gone un- noticed normally, it definitely deserves some looking into, especially given the China/US/Tiktok tension and drama lately
cc @TaylorLorenz @danprimack @imkialikethecar
cc @TaylorLorenz @danprimack @imkialikethecar
TLDR: the owner of Clubhouse, a huge tiktok content house (that carries 90M+ in followers), in trying to complete a reverse merger transaction, may have accidentally done business with someone who hijacked the identity of a Chinese healthcare company.
Can’t make this up. https://twitter.com/taylorlorenz/status/1329286131725209600
Can’t make this up. https://twitter.com/taylorlorenz/status/1329286131725209600
