Out of Cynk: Regulators suspend trading in cryptic company
Cynk Technology, a supposed social network operator whose stock skyrocketed more than 23,000% this month, had its trading stopped by the U.S. Securities and Exchange Commission Friday.
The temporary suspension went into effect at 9:30 a.m. ET and will remain in effect until the end of the day on July 24.
The SEC ordered the stoppage due to “concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Cynk’s common stock,” the order stated.
Cynk appears to operate a social network, or what the company calls a “referral service for introductions,” according to its recent quarterly filing, albeit one with no members, no revenue and no assets.
Shares of Cynk have jumped 23,067% in the past month to $13.90 a share after trading for a few pennies over most of its existence (see chart below). The gains make its market value worth over $4 billion.
The SEC asked for any brokers or shareholders with information to immediately contact assistant regional directors Michael Paley or Elisha Frank.