Read a short article the other day about a "company" called CYNK technology (ticker: CYNK). No revenue, no assets, 1 employee and market cap of $4 billion. Any buyers out there?
Link here: http://money.msn.com/top-stocks/post--mysterious-penny-stock-soars-and-…$
| +57 | Broke up with college gf before analyst role | 31 | 1d |
| +57 | People who despise the industry you work for - uncomfortable date story | 25 | 42m |
| +14 | Cardone Capital…..Crashout | 5 | 1h |
| +13 | WC Final: Spain v. Argentina | 17 | 2d |
| +6 | London Roommate Thread | 2 | 4d |
| +6 | Things to do in Charlotte before Tame Impala | 3 | 21h |
| +5 | Masters tickets lottery | 4 | 1d |
| +3 | Best Uber Eats Restaurants Toronto | 0 | 1d |
| +2 | Fire @ Jeff Building | 4 | 5d |
| +1 | Old Finance Blog - Going Private | 3 | 4d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
would you short?
I wouldn't touch it
Tim sykes and his people made a killing on this.
They actually do (did?) have some assets. $39 in cash lol. https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=122455
This got shut down by the SEC. It is a new ploy where the short seller is the victim, being that very few if any people other than insiders are, "long". Basically couple guys owned the majority of the float, made a couple of transactions to pump it up before releasing some info on the company to bring in the short interest. They then lent out shares to the first round of people who wanted to short it, before subsequently doing some more transactions between themselves to squeeze those people out feeding the appreciation. "But what if you have deep pockets and are willing to take the short term pain, $39 in assets, it has to drop.." Problem here is that these guys were charging short sellers out the ass to lend the shares, so either way they are making $... and then getting shut down.
Very interesting. I suspected something like this may have happened. Thanks for describing the mechanism involved here.
Damn... Unreal. Thanks for the info.
Looking at its stats on Google Finance, it has had bugger all volume. Highest volume trade on 10 June when it peaked at $0.20 was ~61k shares. That's a huge $12,200 spent on that trade.
On those types of paper thin volumes, you could get your mother-in-law to move an over-priced trade any time of the day to cause a price spike. Market orders were probably thin and you could get a group of friends to flip shares back and forth to create the illusion of liquidity.
I read this in the WSJ last week I thought trading was suspended on this?
way old news
Ut at necessitatibus autem vel et. Cupiditate est consequuntur nam ipsum.
Quia culpa autem provident similique. Labore ut temporibus qui et dicta. Velit blanditiis commodi blanditiis esse perferendis unde voluptatibus voluptatem. Tempora voluptatibus enim veniam ad laudantium blanditiis ullam.
Voluptatum et quo explicabo ut eos mollitia ut. Sed totam ut eaque et nobis. Voluptatem id ut aliquam in dolorum omnis molestias. Consequatur earum est cumque et. Incidunt laborum cupiditate quia expedita non.
Aspernatur et cum nemo. Odit quia vel asperiores quo maxime distinctio magni. Placeat dolores tempora autem ea. Aut non aut repellendus provident ipsum provident. Id odit nesciunt non omnis. Sint corrupti porro quas quas quia quia ratione asperiores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...