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Long Blockchain Corp., the beverage-making turned bitcoin mining company, has been officially delisted by the SEC. The delisting followed after Long Blockchain Corp. failed to file financial reports and updates with the Securities and Exchange Commission (SEC).
Long Blockchain Corp. Asked to Delist Its Stock
The United States Securities and Exchange Commission (SEC) asked the bitcoin mining company to remove its stock after not being able to produce any of its financial reports for years.
According to sources, the last financial report that was filed by Long Blockchain Corp. was on September 30, 2018, and since then, no financial status has been disclosed by the company with the SEC.
SEC filings have disclosed that the bitcoin mining company is registered in the state of Delaware. The company was officially known as Long Island Ice Tea, which then witnessing the crypto euphoria in 2018, rebranded itself as Long Blockchain Corp.
However, the company has recently stated that it can not be assured whether the company is going to be successful in developing distributed ledger technology.
SEC on Company Stock Delisting
SEC has recently revealed that the shift of the company from making beverages to crypto mining was never materialized.
Moreover, under the order conditions of the Securities and Exchange Commission, the company agreed to have its shares reversed without even acknowledging or contradicting the securities regulator’s findings.
Long before the company rebranded itself as a BTC mining company, it was facing financial tensions. In fact, due to the low market cap, NASDAQ, the tech-loaded exchange delisted the stock of the company in April 2018.
As on the final trading day of the stock before delisting, which was Friday, it was worth $1.2 per share, for a total market value of $32.7 million. Also, Long Blockchain Corp. was nothing more than a penny stock between 2018 and 2020.