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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