Stock Has Gone From $0.06 To $14.71 In Less Than a Month
Cynk Technology Corporation (CYNK) is making a mockery of the stock market, if that is even possible.
On June 16th, 2014, shares of Cynk Technology Corporation closed at just 6 cents per share on ZERO volume. As a matter of fact, there was no volume at all for the month prior to that date.
On June 17th, the stock soared, closing at $2.25 on no news. There was a development, however - stock promoters suddenly showed an interest in the company, deluging Twitter with their promotional Tweets.
Over the following weeks, the stock would continue to rise. And rise. And rise.
Today, just when it seemed like the story couldn't get any more bizarre, shares of the company traded up almost $9 to close at $14.71. That's a one day increase of 149.75%, and a 25,000% increase over the past three weeks or so.
The company currently has a valuation of $4.29 billion. According to Yahoo! Finance, there are 291.45 million shares outstanding and 81.45 million in the float.
As BusinessInsider.com eloquently points out, Cynk doesn't seem to be much of a business. In fact, they don't seem to be much of anything.
The company claims that it is a social media play, as they reportedly run Introbiz.com.
The company has an address in Belize and ONE employee, who is also the company's main shareholder. Marlon Luis Sanchez, who reportedly serves as the company's President, CEO, CFO, chief accounting officer, secretary, treasurer and director, also reportedly owns 210 million shares of the company.
As of today's close, Sanchez is a very rich man - at least on paper.
A few other points from the Businessinsider.com article:
-the company has no assets
-the company has no revenues
That's right - a company with no assets, no revenues and ONE employee is now worth over $4 billion.
Here is a bit of the chatter about the company on Twitter:
@jamiemendola - "$cynk is the biggest fraud I've seen in a long time. An OTC company whose mkt cap went from $10mm to $2.9B driven by promoters in 2 mo."
@herbgreenberg - "Who trades garbage like $CYNK? Based in Belize…registered in Nevada…has only one exec. God love bull markets."
Filed under: General Market News