Shares of Cuba Beverage Co., an energy-drink company with sales of $9,961 last quarter, are soaring Wednesday in what appears to be the latest example of a company's stock being affected by news events that are completely unrelated to its business.

The stock, which trades over the counter under the ticker CUBV, was recently up nearly 140% to 3.8 cents a share. It closed Tuesday at 1.59 cents per share, according to FactSet. As of 1 p.m., more than 420,000 shares had changed hands, making Wednesday its heaviest trading day...