After an almost three-hour halt the stock -- which trades under the ticker WHY -- jumped to as high as C$3.80, from just 36 cents the previous day. It closed at C$2, giving the company with no revenue a market value of C$114 million. Trading has been halted ever since. The Alberta Securities Commission declined to comment on whether it’s still reviewing the company and the deal. Read More: Chronicling the Meteoric Rise and Likely Fall of Canada’s WHY Khandavelli has already lost 17 percent on paper, and stands to lose more if the stock plunges once it resumes trading following the announcement of the failed deal. “If they don’t reverse the trade, I think that is setting up a bad reputation for the regulators,” said Khandavelli who’s talking to lawyers to see what his options are. “I don’t even know why they exist then.” Paul Howard, a spokesman for IIROC, as the trading regulator is known, declined further comment beyond confirming the trading letter sent to investors. Unproven penny-stock companies, in Canada or elsewhere, are never for the faint of heart. Canada’s TSX Venture Exchange has proven an attractive home for junior miners because its listing standards give them some breathing room to raise money while chasing claims -- they don’t require any net tangible assets, earnings or revenue, but rather look for “significant interest in a qualifying property,” along with investment pledges. In turn, it’s typically drawn investors chasing high-risk but high-payoff gambles. “I’d say Canada is a little more comfortable with risk,” said Cromwell Coulson, chief executive officer of OTC Markets. The Venture market’s reputation as the “wild west” of exchanges with its plentiful listings and plucky investors cuts both ways.

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