The Low Post News

Trading Halted on Stock that Surged 25,000%

A return of 25,000% is unheard of, however, that is the amount Cynk Technology has increased since mid June.

At this time, many are questioning what is happening with the stock. Cynk is traded over the counter, which means you cannot buy or sell the stock on any exchanges. The price per share on June 16 was just six cents, however, on Thursday, it was all the way up to $21 giving it a $5 billion market value that was higher than that of Dominos Pizza.

On Friday, trading was stopped due to what was referred to as an “extraordinary event” with the stock priced at $13.90.

The trading on Cynk was stopped temporarily by the commission because there were concerns regarding the adequacy and accuracy of information across the marketplace and the possibility of manipulative transactions in the common stock of Cynk, said the Securities and Exchange Commission in a statement.

Trading could be restarted as soon as July 25.

The most difficult part of this said one analyst is that it is hard to tell just what the company is worth, if anything.

In the company’s most recent financial report that was submitted to the SEC, Cynk Technology lists no assets and no revenues. It also reported a loss in 2013 of $1.5 million.

According to the website otcmarket.com, the website for Cynk is introbiz.com.

The company calls itself as a social marketplace with the homepage featuring pictures of well-known people. It claims it enables users to buy and sell the opportunity to connect to famous individuals such as business owners, celebrities and IT professionals.

The company has a phone number in the Miami area, which leads to a voicemail that says it is the corporate offices for Cynk.

No one is sure why the stock price has skyrocketed 25,000%, as no major news about the company has been released that might affect the price of its shares.

Often times prior to June 16 the stock had no trading, but 350,000 shares traded hands on June 16 and since that time the stock traded each session.

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