If you shorted CYNK at the all time highs well over $20 several weeks ago, just before the stock was halted after the SEC finally woke up to its duty of protecting investors from pump and dump ponzi schemes (such as the broader market for example) congratulations: you are now up a lot to quite a lot, as the stock has just reopened for trading some 86% lower (on the usual volume of virtually no shares, even though the FT just told us that illiquidity is bullish), a price at which it still has a market cap of over $500 million!
The only question: how does this company, which technically doesn’t exist, still have any equity value left?
And yes, it would truly be a testament to just how broken the “market” is, if following today’s crash, the BTFD dip crew and algos sniffed it out and pumped it right back to its idiotic market cap of over $5 billion hit in the first week of July. Because after tumbling to $2.01, someone already managed to make a double on it as it was trading at over $4.00 at last check…
via Zero Hedge http://ift.tt/1AfW4ND Tyler Durden