Good question. Sorry, I really don't have a clue why he did Arowana. Perhaps because he wanted to try the crowdfunding option and that was easier from a subsidiary? Or perhaps it was part of his effort to get something for MIKP shareholders -- e.g., by spinning it off or selling it in a reverse merger, with MIKP shareholders getting share dividends? Perhaps he did it because there are or will be other parts to MIKP that he wants to keep separate from Arowana? Who knows? I am not at all familiar with any of that thinking.
Even if this were a shell, it will be rising very rapidly when it trades again. Arowana will make it rise all the faster and further. Getting up past 1c will likely require some very solid news from Arowana. But then you gotta wonder why he's going the 10-12g route if he doesn't have at least some pieces of news up his sleeve, right?
I am obviously NOT an investment advisor.