The Securities and Exchange Commission has temporarily suspended trading in QMMM Holdings (NASDAQ:QMMM) and Smart Digital (NASDAQ:SDM) due to potential stock manipulation.
The SEC said the suspension was on account of recommendations made to investors on social media by "unknown persons" to buy the companies' shares, which may have artificially inflated stock prices.
Both suspensions went into effect on September 29, and will end at 11:59 pm ET on October 10.
Shares of QMMM (NASDAQ:QMMM), a Hong Kong-based digital advertising company, surged 959.4% since it said it would establish a diversified cryptocurrency treasury, which would initially reach $100M.
Smart Digital (NASDAQ:SDM), a Singapore-based digital marketing firm with operations in China, also announced that it would establish a diversified cryptocurrency asset pool. Its shares slumped about 88% since the announcement.
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