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Tuesday, December 19, 2017

SEC suspends "The Crypto Company" from trading....


The Crypto Company has been forced to suspend trading of it's stock by the The Securities and Exchange Commission.

The Crypto Company describes itself as having a "diversified portfolio of digital assets" with plans to "rollout of a full scale, high frequency cryptocurrency trading floor."

But movement in it's stock and proposed splits caught the eye of regulators.  Following a 160% rise over the last week - giving them an $11 Billion value at $575 a share.


This caused the CEO to announce a plan for a 10 to 1 split of the stock, in order to lower the entry price for a round of new investors - making the stock $57.50 per share. CEO Mike Poutre said it's "the responsible thing to do" and cited companies like Apple, and Mastercard, which also split shares to make their stock accessible to everyday investors.

The SEC has now halted trading citing "concerns regarding the accuracy and adequacy of information" - the suspension will expire January 3rd, where it can either be extended or fully lifted depending on the outcome of the SEC's investigation.

And an odd bit of information - the company went public in June of this year by acquiring the already public company "Croe"... which makes fitness bra's for women. 

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Author: Oliver Redding
Seattle News Desk