Cynk Technology value soars to over $5 billion within days

Posted on Jul 11 2014 - 10:34am by Huzoor Bux

IT HAS no assets, no revenues and no business arrange to talk of. However an organization known as Cynk Technology has seen its value soar as high as $5.09 billion.
Wall Street analysts are at loss to clarify the spectacular 24,000% rise in Cynk, that trades on the gently regulated over the counter (OTC) market. While its share worth and market price fell at the shut of trade, the corporate unknown in the technology or money communities, for a time traded within the range of the value of companies like Groupon, Pandora Media or Yelp.
“We must sadly conclude that the company is nothing however a fraud,” said the money news web site Zero Hedge.
“And it is nothing short of a testament to merely how broken this excuse for a market is that a company with no assets, no revenues, no web site and one employee will go from zero value to just about $US5 billion in market cap in a few days.”
The stock trading at 6.3 cents on June 16 inexplicable surged to $a pair of.thirty-nine the next day, and rose to as high as $17 on Thursday, before slipping to about $14.9 at the close — creating its paper price still an eye-popping $4.26 billion or so.
The company avoided scrutiny till its disproportionate price drew the attention of Wall Street veterans.


The phone number listed on company documents was out of service. Richard Green of the market analysis firm examined the company’s regulatory filing, which indicated Cynk had no assets, no money and an accumulated loss of $1.59 million.
Cynk calls itself a social network, based mostly on its early incarnation as, which offered to place individuals connected with celebrities like Angelina Jolie or Johnny Depp for $50.
“The corporate is not any a lot of of a purposeful business than your average college student’s entrepreneurial dream,” Mr Green said. “There was no news or different recognisable event to elucidate such stock trading activity.” Analysts note that the market worth is merely on paper, based mostly on trades of a tiny variety of shares.
“We need to prevent in need of directly calling Cynk Technology a ‘scam operation’, as we have a tendency to have not nevertheless been in a position to find a reason for the unusual trading, but it certainly has all the appearances of the standard ‘pump and dump’ theme used to deceive ignorant investors into buying into ‘the following social media’ large’,” Mr Green added.
One concern is that sure “momentum” investors who use algorithms to trade will be interested in the stock simply because of its rise.
“There is not any rational explanation for yesterday’s trading activity and the $US4 billion market capitalisation,” Mr Green said. “In short, Cynk has ‘stynk’ written everywhere it and we have a tendency to think the simplest approach to the present stock is to avoid it entirely.”

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