History
A Delaware shell reverse-merged into a Chinese iron ore processor in 2014, swapped it for an exhibition design business in 2018, and deregistered from SEC reporting in 2023.
2014-2017: A shell becomes an iron ore processor
The company began as UHF Incorporated, a Delaware shell. On 7 July 2014 it reverse-merged into a China-based iron ore processing business run through a VIE (a contract-based control structure) in Hebei Province, and renamed itself Adamant DRI Processing and Minerals Group. Its shares on issue rose from about 11.7 million at the end of 2012 to 63.8 million by the end of 2014, and stayed there through 2016. They reached 66.8 million in 2017, though the record does not explain these changes. Auditors changed repeatedly over this period, and going-concern doubt (doubt that it could keep operating) was raised more than once.
2018: Restatement and pivot
On 24 May 2018 Adamant restated its 2016 accounts after finding nearly $1.7 million of unrecorded legal costs tied to litigation against its DRI subsidiary, Haixing Huaxin Mining Industry. The correction cut both 2016 net income and stockholders' equity.
The business then changed course. On 10 December 2018 it signed VIE agreements giving it contractual control of Shenzhen Dingshang Technology, an exhibition and display design business, and agreed to issue 3 million shares to its sole owner. On 26 December it gave up its original iron ore business entirely. Haixing Huaxin owned a $39 million Hebei plant that had never reached full-scale output under Chinese environmental restrictions. It was exchanged for 48.4 million of the company's own shares held by 16 departing shareholders. Shares on issue fell from 66.8 million to about 16 million by the end of 2018, a drop the sources do not fully reconcile with these transactions.
2019-2023: Thin financing and exit
Financing stayed thin. In 2019 the company raised just 9,975 at $0.02 a share. On 13 August 2019 it filed to deregister its securities, ending its duty to report to the SEC. The record is then quiet until 26 December 2023, when it again deregistered its securities, ending SEC reporting obligations. Shares on issue stood at 87.1 million at the end of 2023, though the record does not explain the rise from 16.1 million.
Written from the 6 story beats below (2014 to 26 Dec 2023), which come from the company's own announcements and filings.