Shell Company SEII Completes Reverse Merger with EV Startup Light Across, CEO Takes 65.6% Control

summarizeSummary

SEII, a shell company under SEC deregistration threat, completed a reverse merger with EV startup Light Across, issuing 5 billion shares (80% dilution) to Light Across's owners. CEO Ximing Huang now controls 65.6% of a company with $99k cash, $6.9M debt, and a going-concern warning.

check_boxKey Events · M&A and Partnerships · SEII

• Reverse Merger with Light Across

  SEII acquired 100% of Light Across Inc. by issuing 4,998,838,436 shares, representing 80% of the post-transaction outstanding shares. The deal transforms SEII from a shell company into an EV engineering and design firm.

• Massive Dilution and Control Shift

  Existing SEII shareholders were diluted to 20% ownership. CEO Ximing Huang, who previously held 0% of SEII, now beneficially owns 65.6% (4.1 billion shares) through his 82% stake in Light Across. CFO Johnny Chen holds 11.5%.

• Acquired Business is Pre-Revenue with Going Concern Warning

  Light Across had $627,818 in revenue for Q1 2026 but only $99,372 in cash and $6.9 million in liabilities as of March 31, 2026. Its auditors issued a going-concern warning, citing recurring losses and insufficient liquidity.

• SEC Deregistration Proceeding Ongoing

  SEII is currently fighting an SEC administrative proceeding (File No. 3-22248) to revoke its registration as a reporting issuer. The SEC has requested supplemental briefing on whether revocation is still necessary given recent delinquent filings.

auto_awesomeAnalysis · SEII · Technology

Sharing Economy International Inc., a shell company facing SEC deregistration, has acquired Light Across Inc., an early-stage electric vehicle engineering firm, in a reverse merger. SEII issued 5 billion shares — 80% of the combined company — to Light Across shareholders, with CEO Ximing Huang taking 65.6% control. The deal transforms SEII from a dormant shell into an operating EV company, but Light Across brings only $99,372 in cash, $6.9 million in liabilities, and a going-concern warning. The merger is a high-stakes bet: it gives SEII a business to fight the SEC's revocation effort, but the acquired entity is deeply unprofitable and has never sold a vehicle. Existing SEII shareholders are massively diluted, and the new majority owner is the same person who controlled Light Across — a related-party transaction with no independent fairness opinion disclosed.