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Lengthy Blockchain Corp has formally been delisted by SEC

02/22/2021

The beverage maker turned Bitcoin mining firm has didn’t file its monetary stories with the SEC.

Shares of Lengthy Bitcoin Corp (LBCC), a beverage turned cryptocurrency mining firm, have been formally delisted by the USA Securities and Trade Fee, or SEC. 

The corporate was ordered to delist its inventory after failing for years to provide any monetary stories. Lengthy Bitcoin Corp’s final earnings report was for the quarter ending September 30, 2018, in accordance with Bloomberg.

Lengthy Bitcoin Corp is registered within the state of Delaware, in accordance with SEC submitting info.

Initially referred to as Lengthy Island Ice Tea, Lengthy Bitcoin rebranded through the peak of crypto euphoria in January 2018. That was shortly after Bitcoin (BTC) peaked in worth and proper across the time that altcoins hit new all-time highs. On the time, Lengthy Blockchain mentioned there “may be no assurance” that it will likely be profitable in creating distributed ledger expertise.

Based on the SEC, the corporate’s shift from drinks to blockchain by no means materialized. Beneath the circumstances of the SEC’s order, Lengthy Blockchain agreed to have its shares revoked with out admitting or denying the regulator’s findings.

As Cointelegraph beforehand reported, Lengthy Blockchain was in monetary hassle lengthy earlier than the rebranding. The tech-heavy Nasdaq trade delisted the corporate in April 2018 because of low market capitalization.

LBCC shares by way of Yahoo Finance

As of Friday — presumably, its remaining buying and selling day — Lengthy Blockchain Corp was value $1.12 a share for a complete market worth of $32.7 million.

LBCC share costs surged through the peak of the 2017-18 bull market earlier than declining precipitously over a four-month interval. The corporate was basically a penny inventory between 2018 and 2020.