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Obviously, the odyssey of CYNK Technology, the company with no assets and no revenues but with a 24,000% return over the last few weeks—which is great for whoever owns the 100,000 shares (out of nearly 300 million “outstanding”) that changed hands yesterday—has captivated the internet this week. But what do we really know about what seems to be one of the more obvious pump-and-dumps of all time?
- It is a social-networking company. Or a data processing and preparation firm.
- It uses the word “thru,” as in: “Thru our marketplace you may both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals.”
- It is registered in Nevada, but has an address in Belize.
- Scratch that: It’s got to be Belize, because, while it is unable to file a 10-K, it can file a 15d-6, which is used by foreign companies to say they can’t file 10-Ks.
- It recently underwent a totally normal and unremarkable 75-for-one split.
- Like most billion-dollar market cap companies posting five-figure returns, it hasn’t earned a dime in three years, but has lost $1.5 million, and describes itself as a “development stage company” that hopes to hire a web developer one of these days.
- The man who founded it, Kenneth Carter, bought the company that became CYNK for $600, and went on to “create some serious software,” but who resigned a year ago and saw his shares canceled.
- In spite of Mr. Carter’s exit, it still has only one employee filling the roles of president, CEO, CFO, CAO, CTO, secretary, treasurer and board of director. This person, Marlon Luis Sanchez, owns 210 million of CYNK’s 291.5 million shares, and so is a very rich man on paper.
As might you be, should you be able to find any of those 100,000 shares available to borrow…
A ‘Social Networking’ Stock Has Exploded 25,000% In A Few Days, And It’s Not Even Clear If The Company Exists [BI]
The Strange Story Behind The Meteoric Rise Of An Unknown Penny Stock [BuzzFeed]
CYNK Technology Corp (CYNK), No Revenue, No Assets, No Problem! [ValueWalk]
This Nonexistent Social Network With No Revenues and No Assets Is Worth $4 Billion [N.Y. Mag]