Long Blockchain Corp., the previous iced-tea firm that grew to become a poster little one of crypto-investment excesses, had its shares delisted by U.S. regulators after failing to file monetary experiences for years.
Lengthy Blockchain, which modified its identify from Lengthy Island Ice Tea Corp. in 2017, had been buying and selling over-the-counter since Nasdaq kicked it off its alternate in 2018, the Securities and Exchange Commission stated 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 firms that embraced a large rally for Bitcoin in 2017 to rebrand themselves as specializing in digital tokens. They have been rewarded with big jumps of their share costs, and scrutiny from regulators as as to whether the brand new enterprise descriptions have been professional.
In its order, the SEC stated Lengthy Blockchain’s shift from making comfortable drinks to blockchain know-how 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.