A social networking company with no revenue and no assets saw its stock soaring Thursday—to a market cap of well over $6 billion at one point. The firm's meteoric rise is so unlikely, that even its last auditor says it defies logic.
CYNK Technology, which is based in Belize according to an SEC filing and only has one recorded employee, runs a social networking site called IntroBiz. That site says it allows users to "both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals," but it is not clear how many registered users it has.
CYNK's stock was valued at less than a dime in June, and rocketed to over $20 at one point Thursday morning.