The Securities and Exchange Commission announced the temporary suspension of trading in the securities of UBI Blockchain Internet, Ltd. (“UBIA”), of Hong Kong, People’s Republic of China yesterday and through January 22nd.
The Commission suspended trading of UBIA because of questions regarding the accuracy of UBIA in filings with the Commission regarding the company’s business operations and concerns about recent, unusual and unexplained market activity in the company’s Class A common stock.
The announcement from the SEC cites Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”) as the governing authority for the suspension.
UBI Blockchain Internet, Ltd. is a blockchain focus company who's stock offering spiked 100% recently. According to SEC filings, the organization plans to offer technology for tracking food and healthcare products on the blockchain or some version of a blockchain (no specific chain has been mentioned).
The company stock price spiked to $87 on December 18th up from just $9 on December 11th. Currently the price is halted at $22 until at least January 22nd.
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