Long Blockchain Corp., a company which rebranded itself as a blockchain firm from a beverage company Long Island Iced Tea Corp. in late 2017, has received a notice from Nasdaq to delist the company’s securities.
Just after the rebranding announcement in December 2017, the company’s stock skyrocketed 200 percent. Since then, the company has been announcing a number of blockchain and crypto initiatives including the setting up of a Blockchain Strategy Committee.
In a filing with the U.S. Securities and Exchange Commission (SEC), Long Blockchain said:
“On February 15, 2018, Long Blockchain Corp. (the “Company”) received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that Nasdaq had determined to delist the Company’s securities under the discretionary authority granted to Nasdaq pursuant to Nasdaq Rule 5101…The Company has the right to appeal Nasdaq’s determination to a Hearings Panel (the “Panel”), provided it requests a hearing no later than 4:00 pm on February 22, 2018. The Company intends to request a hearing by such date.
“If the Company’s appeal is approved, the Company will still need to regain compliance with the MVLS Rule by April 9, 2018. In order to regain compliance, the market value of the Company’s listed securities must remain at $35 million or more for a minimum of ten consecutive business days. If the Company does not regain compliance by such date, the Company’s securities would again be subject to potential delisting.”
According to CoinDesk, Long Blockchain had already earlier a potential delisting warning in October.
