CYNK Technology Corp (OTCMKTS:CYNK) Explodes for No Particular Reason
CYNK Technology Corp (OTCMKTS:CYNK) isn’t targeted by the paid promoters at the moment. There aren’t any new press releases either. Despite this, the stock registered quite a session yesterday.
CYNK opened the day at $0.18 (a whopping 200% above its previous value) and remained there until 1PM when it embarked on a run that is nothing short of astonishing, even by Pennyland standards. About an hour later, the ticker hit a high of a mind-boggling $4.25 per share. Not surprisingly, the pressure at these levels proved to be a bit extreme and over the last couple of hours of the session, CYNK lost a rather big chunk of its value. When the closing bell rang, the price stood at $2.25 per share which, though not as high as over $4, is still 3,650% above Monday’s value.
The spike is, without a doubt, absolutely astonishing, but it’s also quite baffling because, as we mentioned already, there doesn’t seem to be any immediately obvious factor that could have pushed CYNK on such a remarkable run.
The good news is, investors who managed to time their entry and exit points well probably walked away with some healthy profits. The bad news is, there are some other people who are still holding shares. Unfortunately, the outlook for them doesn’t seem too bright.
According to the Q1 report, CYNK is a social network company, but they have yet to hire a web designer who would asses and fine tune their current website (the address of which is not mentioned anywhere). This is going to be a bit difficult considering the figures found in the aforementioned report. Here’s what CYNK had on March 31:
- total assets: $39 in cash
- total liabilities: $51,611
- NO revenue since inception
- quarterly net loss: $6,241
You can see that the financials aren’t really suited to a company whose current market cap stands at around $655 million. And that’s not the only thing that could depress CYNK‘s share price.
If you read through the filings carefully, you’ll see that back in August 2012, the company sold 1,086,000 free trading shares at $0.05 per share. You’ll also see that in June 2013, CYNK effectuated a 75 for 1 forward split.
This means that right now, thirty unnamed investors hold 81,450,000 unrestricted shares for which they paid just $54,300. As 
you can see, there isn’t a whole lot that could urge the said investors to cling on to their holdings.
Bearing this in mind while planning your next move is, we reckon, absolutely essential.
CYNK wasn’t the only ticker to register an interesting session yesterday. Terra Tech Corp (OTCMKTS:TRTC)’s jump was not as remarkable, but it still resulted in 31% in daily gains and a dollar volume of around $5.5 million. Vape Holdings (OTCMKTS:VAPE), on the other hand, lost 14% while shifting around $800 thousand worth of shares.
