- Nasdaq Stock Market to delist the former beverage company Long Blockchain Corporation.
- Nasdaq blames this action on LBCC’s Low market capitalization.
Nasdaq: Last December, Long Island Iced Tea Corporation, a non-alcoholic beverages manufacturer, changed its name to Long Blockchain Corporation. This made the beverage manufacturer-turned-Blockchain development firm to witness an increase in share price up to 180 percent on the tech-rich Nasdaq.
However, an announcement released on Tuesday 10th April revealed that Nasdaq Stock Market (Nasdaq) will soon delist Long Blockchain Corporation (LBCC) from its stock market.
Nasdaq sent the first delist notice to LBCC on 15th February for a low market cap. after which Long Blockchain made an appeal and on 22nd March, a hearing took place. The outcome of the hearing was against LBCC and its shares will be delisted from the Nasdaq Stock Market starting today 12th April.
The announcement further revealed that Long Blockchain Corporation will qualify to list its shares on the Pink Current Information platform managed by the Over The Counter (OTC) Markets Group Inc. It was reported that LBCC plans to file an application for its common stock to be quoted and traded on the OTCQB Market.
Long Blockchain Corporation, after being delisted, LBCC will remain a public company with its shares trading publicly, following all required filings and regulations:
“LBCC will remain a public company following the delisting and its shares will continue to trade publicly. … The Company will continue to maintain an independent Board of Directors with an independent Audit Committee and provide annual financial statements audited by a Public Company Accounting Oversight Board (PCAOB) auditor and unaudited interim financial reports, prepared in accordance with U.S. generally accepted accounting principles (GAAP).”
In an announcement, Long Blockchain stated that notwithstanding its shift to the OTC market, it is still focused on its goal of becoming a lead role in Blockchain technology. LBCC said it will continue in its strive to acquire Hashcove, Blockchain products and applications developer based in the UK.
The question would be what was Long Blockchain Corporation’s intention of adding blockchain to its name? do you have any comment? Kindly use our comment box below.
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