Update: Much to his credit, Venkat Meenavalli, the CEO of LongFin ventured onto CNBC's FastMoney tonight to explain the exponential rise and somewhat shady acquisition strategy of his company.
Amid an increasingly rapid eruption of words and rising volume, Meenavalli seemed to struggle to convince the Fast Money skeptics that what he did was above-board, initially attempting to blindside Brian Kelly by arrogantly claiming "you don't understand." However, once it became clear that Kelly not only 'understood' but saw the glaring inconsistencies, the LongFin CEO backed away and admitted "we don't deserve this market cap."
The result is evident…
But don't feel to obad for Meenavalli, he also admitted that he owns 140 Bitcoin.
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Update: We suspect few had looked at the company's balance sheet (note that LFIN had a market cap over $10 billion at today's highs!)…
Longfin balance sheet: $ in $, not in '000s, not in MMs. pic.twitter.com/L1dhXygRFz
— zerohedge (@zerohedge) December 18, 2017
But now they have, 'all bets are off'…
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Update: And the halts just keep coming…
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Update: After its 7th halt of the day, LFIN reopened and instantly collapsed by over 50%…
And now it is halted again!
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Update: Well that escalated quickly…
The stock is now up over 500% today and has been halted numerous times…
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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
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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?