(WASHINGTON) — The Securities and Exchange Commission announced on Friday the suspension of trading on a technology stock that mysteriously rose in price from pennies to over $10 astonishingly quick.
According to a statement from the SEC, trading was suspended on securities of Cynk Technology Corp., based in Belize City, Belize. According to the Wall Street Journal, the company has no revenue, no product and no assets.
The Wall Street Journal also noted that Cynk had been trading at six cents per share in mid-June before closing at $13.90 on Thursday. The stock had not been trading on any of the major indices.
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Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN
Sara Weber, Deseret News