The Securities and Exchange Commission (SEC) announced the temporary suspension, of trading in the securities of Hong Kong based UBI Blockchain Internet, Ltd. (“UBIA”).
As per SEC, main reasons for temporary suspension of trading in the securities of UBIA are -
- questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the company’s business operations;
- concerns about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017.
UBIA trading will be halted from 9:30 a.m. EST on January 8, 2018, till 11:59 p.m. EST, on January 22, 2018 under Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
UBI Blockchain Internet is riding buzzwords to a stock boom, says Bloomberg. The stock surged almost 1,000 percent in 2017, valuing UBI Blockchain at $1.2 billion. With less than a year of operation, it’s become one of the most valuable publicly traded companies in the bitcoin universe - second only to LongFin Corp. The company has registered to sell an additional 72.3 million shares owned by executives including Chief Executive Officer Tony Liu. Shareholders have to wager on an untested business model with 18 employees, no revenue and whose regulatory filings list a disconnected phone number.
Any broker-dealer or other person has any information which may relate to this matter should contact John P. Lucas of the Division of Enforcement’s Cyber Unit at (202) 551-5798.
Also read: SEC statement on ICO
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