Penny Stock Cynk Technology (CYNK) Halted

(Updated - July 11, 2014 9:36 AM EDT)

As StreetInsider.com warned of yesterday, bubble-like penny stock Cynk Technology Corp. (OTC: CYNK) has been halted.

The reason is listed as U3 or Trading Halt - Extraordinary Event Halt: Trading is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or the security underlying an OTC ADR or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process.

Yesterday, shares of Cynk grabbed traders' attention as it surpassed a market cap of $6 billion although it has minimal assets, cash, revenue, etc.. StreetInsider.com notified FINRA of the issue.

UPDATE: The SEC has also gotten involved, issuing an order of suspension:

It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension of trading in the securities of Cynk TechnologyCorp. (“Cynk”) because of concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Cynk’s common stock. Cynk is a Nevada corporation with a business address in Belize City, Belize and its common stock is quoted on the OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. (“OTC Link) under the ticker symbol CYNK.

The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above - listed company.

Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT on July 11, 2014 through 11:59 p.m. EDT on July 24,2014

By the Commission.
Lynn M. Powalski
Deputy Secretary

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