United States, Feb 22, 2021 /AlexaBlockchain/ – Long Blockchain Corp., the former iced-tea company that became a poster child of crypto-investment excesses, had its shares delisted from Nasdaq by U.S. Securities and Exchange Commission after failing to file financial reports for years, reports Bloomberg.
Farmingdale, New York-based Long Blockchain Corp. changed its name from Long Island Ice Tea Corp. in 2017.
Key Points From The SEC Action on Long Blockchain Corp.
- Long Blockchain had been trading over-the-counter since Nasdaq kicked it off its exchange in 2018, the SEC said in an order.
- The SEC officially pulled the company’s registration Monday, citing the fact that the last time it filed a financial report was for the quarter ended Sept. 30, 2018.
- Long Blockchain was among obscure micro-cap companies that embraced a massive rally for Bitcoin in 2017 to rebrand themselves as focusing on digital tokens. They were rewarded with huge jumps in their share prices, and scrutiny from regulators as to whether the new business descriptions were legitimate.
- Long Blockchain’s shift from making soft drinks to blockchain technology never materialized, SEC said in its order.
- Long Blockchain Corp. agreed to have its share registration revoked without admitting or denying the SEC’s findings.
