Penny stock CYNK Technology shares halted in premarket trading CNBC.com staff | @CNBC 25 Mins Ago
CYNK Technology, the mysterious over-the-counter stock that ran from a few cents to over $21 in a month, has been halted for trading.
Trading in the stock was halted at 8 a.m. EDT by the Financial Industry Regulatory Authority for an "extraordinary event," according to the OTC Bulletin Board.
The company has one recorded employee and only a few dollars of assets.
A representative from FINRA was not immediately available for comment on the trading halt.
From its peak at over $21 yesterday, CYNK's stock has fallen to about $14.
For more on CYNK, click here.
This story is developing. Please check back for further updates.
The guy at Blaque Technology was not happy when he finally picked up after about the fourth time we called his number.
Of course, we didn’t know we were calling Blaque Technology. We thought we were calling Marlon L. Sanchez, the president, CEO, CFO, secretary and, perhaps, mailroom clerk at Cynk Technology. The phone number we dialed is the one shown on Cynk’s DES screen on the Bloomberg terminal.
The company, or whatever it is, named Cynk Technology is the one-time penny stock that now has a market value of about $4.05 billion after rising from a low of 6 cents on May 15 to $13.90 yesterday, paring its gain from $21.95. The stock yesterday fell as much as 33 percent, the biggest intraday drop since a 54 percent decline July 1, and rose as much as 49 percent, after rising 150 percent the day before.
And they say there’s no volatility left in the markets.
Anyway, the DES screen says Cynk is a social network, or at least it “was founded as” one. Not sure where the verb tense originated -- us or them.
By “them,” though, we mean “him,” Marlon Sanchez. While he may have left the guy at Blaque Technology (which, we learned along the way, is bringing its Blaque Expo to Las Vegas in August) sputtering things about his lawyers and swearing he has no association with Cynk, the little boy who answered the phone at Sanchez’s home couldn’t have been more polite or well drilled in phone manners.
“Sorry, Marlon Sanchez is not available at this moment. Can you please call back in two hours?”
Sure, we said. But first, is this the Marlon Sanchez who works for Cynk Technology?
Yes, said the boy, who sounded about 8 years old. If he’s Sanchez’s son, it’s a little weird that he’s calling his dad by his given name, but then so is everything about this story. Maybe a stepson?
We got the kid to take down our name and phone number -- two pens were out of ink before he found one that worked! -- and we could tell that he was writing it all down assiduously. Great kid.
When we called back two-and-a-half hours later and asked again if we could speak to Marlon Sanchez, a woman with an Hispanic accent answered and said we had the wrong number. We were tempted to say “so do the shares,” but we let it go.
So we didn’t get to ask Sanchez what the story is with Cynk. Whatever happens, and whatever Sanchez’s plan is for the listing, time has probably run out.
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