04:18:26 EDT Fri 23 Apr 2021
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SEC halts would-be cannabis listing Bangi

2021-02-23 20:42 ET - Street Wire

Also Street Wire (U-BNGI) Bangi Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has halted Bangi Inc., a supposed cannabis real estate company with Edmonton roots, over potentially fraudulent trading activity. Among other things, the SEC cites a co-ordinated attempt to boost the stock, which has traded billions of shares on the OTC Markets in recent weeks. The activity comes with the company having issued no news.

The halt is contained in an order that the SEC issued on Tuesday, Feb. 23. It comes amidst heavy trading in Bangi that began on Jan. 21, 2021. On its busiest day, the stock's volume reached 1.8 billion shares. The share price has also risen by about a factor of 10 (although investors will need to keep their decimal places straight to calculate the gains), going to a high of 0.00195 cent from 0.0002 cent. (All figures are in U.S. dollars.)

In issuing the halt, the SEC cites a lack of accurate or adequate information about the company. The regulator also points to efforts by "certain social media accounts" to boost the stock. While the SEC has provided no particulars, the stock's rise came amidst the typical nonsense found on-line, with forum posters talking about the company "GOING TO RUN EFFING HARD!!" and being a good "lottery ticket."

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