Content adapted from this Zerohedge.com article : Source
Update: And the halts just keep coming...
Update: After its 7th halt of the day, LFIN reopened and instantly collapsed by over 50%...
And now it is halted again!
Update: Well that escalated quickly...
The stock is now up over 500% today and has been halted numerous times...
Having closed last Thursday on its IPO-day at $5.38, news of the acquisition of Ziddu - a blockchain solutions provider (whatever that means in the real world) - LongFin has since exploded to $44.80 in today's pre-market... up 730% in 2 days.
Remember LongFin? an independent finance and technology company. The Company offers commodity trading, alternate risk transfer, and carry trade financing services. LongFin also provides hedging and risk management solutions to importers, exporters, and small medium business enterprises. LongFin serves customers worldwide.
As iBankCoin notes, it has all of the trimmings of wanton degeneracy on an industrial scale.
- Recent IPO: check
- Small float: check
- Shady as heck: check
- AI company: check
and the cherry on the top...
- a day after coming public, they announce the purchase of a blockchain company: Check
On Thursday Dec 14th, LongFin launched as a FinTech company that helped with FX hedging (and slipped from its post-IPO open price to close lower)
US-based Longfin Corp., a Fintech company providing Finance and foreign exchange hedging solutions to importers and exporters and SMEs, started trading on Nasdaq from today.
According to a statement issued by Longfin, its Low Latency Network is connected to multiple exchanges and banks across the regions to provide the cheapest Forex hedging and low-cost financing to small and medium-size importers and exporters across the globe.
Longfin Founder Venkata S. Meenavalli said, "We are the first Asian Entrepreneur promoted Reg A+ company under JOBS Act, to list its shares directly in Nasdaq and the second Indian entrepreneur promoted company to list directly in the Nasdaq since 2010"
On Friday Dec 15th, they acquired Ziddue and became the future face of Cyrptocurrency awesomeness...
Longfin Corp. (NASDAQ: LFIN), a leading global FinTech company, announces the acquisition of Ziddu.com, a Blockchain-empowered solutions provider that offers Microfinance Lending against Collateralized Warehouse Receipts in the form of Ziddu Coins.
And with all those buzzwords, why wouldn't it be up 730%!!!!
As a reminder, there are no financials on this company, no reg details on shares outstanding, and no direct evidence of a business model that makes any money?
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Crazy ! It has definitely something to do with blockchains, look at these insane movements. Stock don't usually spike that much on the NYSE !
Here you can see that currently it is Halted again !
and here you can see the 5-minute chart
This reminds me of the dotcom boom where anything that had .com in the name was bought up in droves regardless of what the company did or the financials.
Now, the buzzword is blockchain. Over the next couple years we will see the stock market go crazy for any company that is mentioned with blockchain. It is the new .com.
Hey this is a great idea for a post.
Of course, being on steemit and owning other tokens already gives me ownership in blockchain technology so why chase companies that may or may no be anything.
I wouldn't mind a 2000 % gain for one afternoon :D
Yeah those are nice when you are in them.....
If you are smart enough to take the money and run....of course, greed sets in and we tend to want to ride it higher.
Although the pump on this one might not be over.
I agree with you, The stock is now up over. new money infrastructure has enabled transformative functionalities among the financial set-up.might have ne'er enabled the worldwide payments we tend to consider granted now a days. It created or noninheritable services to truly interact business, together with for exchange, securities and derivatives.
I heard that US-based Longfin Corp., a Fintech company providing Finance and foreign exchange hedging solutions to importers and exporters and SMEs, started trading on Nasdaq from today.
According to a statement issued by Longfin, its Low Latency Network is connected to multiple exchanges and banks across the regions to provide the cheapest Forex hedging and low-cost financing to small and medium-size importers and exporters across the globe.
Longfin Founder Venkata S. Meenavalli said, "We are the first Asian Entrepreneur promoted Reg A+ company under JOBS Act, to list its shares directly in Nasdaq and the second Indian entrepreneur promoted company to list directly in the Nasdaq since 2010"
Thanx you so much dear @zer0hedge for sharing update. #resteem & upvote done.
Thanks for your great information @zer0hedge
https://steemit.com/fintech/@komunitaspaytren/era-aset-digital