OT: Tech stock soars 25,000%. No one knows why

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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OT: Tech stock soars 25,000%. No one knows why

posted on Jul 10, 2014 03:00PM

http://money.cnn.com/2014/07/10/investing/cynk-stock-surge/index.html?iid=HP

NEW YORK (CNNMoney)

Imagine investing $1 in a stock and having it be worth $25,000 three weeks later.

That's how much Cynk Technology (CYNK) has soared since the middle of June. A 25,000% return is unheard of, and many are starting to question what is going on with this stock.

Cynk trades "over the counter," meaning you can't buy or sell it on any official exchange. On June 16, the price of a share was a mere six cents. It's now trading above $15 per share and is sporting a market value of around $5 billion. That's more than Domino's Pizza (DPZ).

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But here's the catch: it's hard to determine if the company is worth anything at all.

In its latest financial report with the Security and Exchange Commission (SEC) from November, Cynk Technology lists no revenue or assets. It also reported a $1.5 million loss for 2013.

Its website, according to otcmarkets.com, a group that tracks over the counter stocks, is introbiz.com.

Billing itself as a "social marketplace," the homepage features pictures of famous people and claims to allow users to "buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals."

For example, $50 will allegedly get you the contact information for Angelina Jolie, which "usually includes email and phone numbers to the artist's talent agent, publicist, legal representative," according to theIntrobiz site.

According to otcmarkets.com, the company has a Miami area number. It leads to a voicemail claiming to be the corporate offices of Cynk Technologies. A message left by CNNMoney wasn't returned.

An SEC spokeswoman also declined comment on the company.

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As to why the stock has skyrocketed, it's anyone guess. There's been no major news surrounding the company with the potential to affect its share price.

But trading volume has clearly gone up. Most days there is no trading of Cynx stock. But on June 16, over 350,000 shares were traded. Since then, the stock has traded daily.