Friday, July 11, 2014

Cynking Ship? Cynk Technology Corp. (CYNK) Halted After Gargantuan Run-up

Shares of Cynk Technology, formerly Introbuzz, Inc., are halted at $13.90 (quite hefty for an OTC stock) following what the SEC is calling “Potentially Manipulative Transactions” regarding unusual trading activity that sent shares 25,000% higher in a matter of days. Over the course of the month, shares of the social media technology development company have increased 100-fold and the company has achieved market capitalization of more than $4.5 billion. With moves like that it was only a matter of time before regulators took notice.

In a press release this morning, the SEC said it halted trade “because of concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in CYNK’s common stock.”

What’s driving the trading activity? It’s not financial performance – when it comes to revenues, the Belize-based company has zero. It’s not assets – unless you’re impressed by $39. Superhuman management team? Not likely – reports are that the company only has one employee. Ironically, the company does have public filings, and in a 10-K from November 2013 said it has yet to launch.

So what does the company actually plan to do? According to its skeleton website, www.introbiz.com, Cynk provides a market place through which “you may both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals.”

The site dons the faces of Hollywood’s A-list, touting the opportunity to build high-caliber social connections with the “socialites.” Whatever/whoever the company is, Ghost Ship vs. Cynking Ship might be a more fitting title.

Trading is suspended until July 24.

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