Perhaps the most incredible thing ever — a supposed reverse merger six months in the past was not correctly consummated and now the public company is left with no assets or sales. Unsurprisingly, this involves a Chinese company trading on the horrible OTC BB:
From the China OTC Blog:
“Contrary to what we have been thinking for the last half a year, Bejing Logistics (BJGL.OB) has never had control over its Chinese subsidiary Baolong, described as China’s largest third-party logistics providers, specializing in books & magazines, agricultural products and Chinese traditional medicine storage and shipping. For today’s shocking announcement relays the fact that the merger between BJGL and Baolong was “never consummated pursuant to Chinese law” and thus null and void. If this is true, it means that BJGL has no assets, revenues, or any operations in China. This is a major blow.”
I read the China OTC Blog for fun. I would not recommend actually buying any such companies — while they may appear cheap, the risk of fraud is too great.
Disclosure: I have no position in BJGLE.O.