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The US SEC Revokes Registration of Lengthy Blockchain Corp’s Securities

02/25/2021
The US SEC Revokes Registration of Long Blockchain Corp's Securities

The U.S. Securities and Change Fee (SEC) says it has revoked the registered securities of Lengthy Blockchain Corp (LBCC) after the corporate didn’t file annual stories since Dec. 31, 2017. As well as, the SEC says LBCC, which made the swap from gentle drink manufacturing to actions associated to blockchain expertise in December 2017, can be “delinquent in submitting quarterly stories.”

Non-Existent Blockchain Enterprise

In a doc that reveals the proceedings towards LBCC, the SEC, which cites the Securities Change Act of 1934, says its resolution (to revoke securities) is meant to guard buyers. The SEC provides that an investigation had discovered that after the title change from Lengthy Island Iced Tea Corp to LBCC, the listed firm’s “blockchain enterprise by no means turned operational.”

In the meantime, in regards to the standing of LBCC’s widespread inventory, the SEC stated the next:

The widespread inventory of LBCC was registered underneath Part 12(b) of the Change Act and traded on Nasdaq till Nasdaq filed a Type 25 on June 6, 2018, to delist the securities. LBCC inventory is at present quoted on OTC Hyperlink whose father or mother firm is OTC Markets Group, Inc, having not filed “a kind 10-Q” because the interval ended September 30, 2018.

LBCC Agrees to Settle

Within the meantime, the SEC says LBCC has since “submitted an Provide of Settlement which the Fee has decided to simply accept.” In line with the SEC, this revocation turned efficient as of Feb. 22, 2021. The revocation of the registration of every class of LBCC’s securities by the SEC is the newest setback for the corporate.

As reported by information.Bitcoin.com, LBCC’s December 2017 plot to affiliate itself with the blockchain expertise might have helped to set off the 400% single-day value surge. Nonetheless, this transformation in fortunes would show to be short-lived because the Nasdaq Itemizing {Qualifications} Division would later institute delisting proceedings towards LBCC’s widespread inventory.

What are your ideas on the SEC’s revocation of the registration of LBCC’s securities? You’ll be able to share your views within the feedback part beneath.