Crypto Folly Icon Long Blockchain Has Shares Removed By SEC
Long Blockchain Corp., the former iced tea company that became a symbol of crypto investment gluts, had its shares delisted by US regulators after failing to file financial reports for years.
Long Blockchain, which changed its name from Long Island Ice Tea Corp. in 2017, has been operating in the over-the-counter market since Nasdaq delisted it in 2018, the Securities and Exchange Commission said in an order. On Monday, the SEC officially withdrew the registration of the Farmingdale, New York-based company, citing the fact that the last time it filed a financial report was for the quarter ending September 30, 2018.
Long Blockchain was among the obscure micro-cap firms that embraced a massive Bitcoin rally in 2017 to rebrand and focus on digital tokens. They were rewarded with big jumps in their share prices and scrutiny from regulators over whether the new trade descriptions were legitimate.
In its order, the SEC said that Long Blockchain’s switch from making soft drinks to blockchain technology never materialized. The company agreed to have the registration of its shares revoked without admitting or denying the SEC’s findings. Long Blockchain did not immediately respond to a request for comment.