Long Blockchain Corp., the previous iced-tea firm that turned a poster youngster of crypto-investment excesses, had its shares delisted by U.S. regulators after failing to file monetary studies for years.
Lengthy Blockchain, which modified its title from Lengthy Island Ice Tea Corp. in 2017, had been buying and selling over-the-counter since Nasdaq kicked it off its change in 2018, the Securities and Exchange Commission mentioned in an order. The SEC formally pulled the Farmingdale, New York-based firm’s registration Monday, citing the truth that the final time it filed a monetary report was for the quarter ended Sept. 30, 2018.
Lengthy Blockchain was amongst obscure micro-cap corporations that embraced a large rally for Bitcoin in 2017 to rebrand themselves as specializing in digital tokens. They have been rewarded with large jumps of their share costs, and scrutiny from regulators as as to whether the brand new enterprise descriptions have been reputable.
In its order, the SEC mentioned Lengthy Blockchain’s shift from making comfortable drinks to blockchain expertise by no means materialized. The corporate agreed to have its share registration revoked with out admitting or denying the SEC’s findings. Lengthy Blockchain didn’t instantly reply to a request for remark.
(Updates that firm didn’t instantly reply to a request for remark in ultimate paragraph.)