[Blockchain Today Reporter Seungwon Jeong] The US Securities and Exchange Commission (SEC) has delisted the Long Blockchain.
According to Bromberg, the U.S. Securities and Exchange Commission said it would abolish shares in the Long Blockchain. Long Blockchain is a company that has transformed from a beverage company into a bitcoin mining company in the past.
Long Blockchain has not submitted financial reports for several years. According to Bloomberg, Long Blockchain has not released its financial report since the last quarter ended September 30, 2018.
Long Blockchain is a registered company in Delaware, a beverage company formerly known as Long Island Ice Tea. After that, in January 2018, when the popularity of cryptocurrency was at its peak, it transformed into a bitcoin mining company. The time when a company transformed into a bitcoin mining company was the time when bitcoin broke the highest price. At the time, Long Blockchain said, “I am not sure if it will succeed in developing distributed ledger technology.”
According to the SEC, the transformation from a beverage company to a blockchain company has not been realized. Long Blockchain did not acknowledge or reject the results of the SEC’s investigation, and agreed to cancel the listing of the stock.
Before the long blockchain was transformed into a bitcoin mining company, it was economically difficult. It was already abolished by Nasdaq in April 2018 due to insufficient market capitalization.
When the stock of the Long Blockchain was last traded, the price per share was $1.12, and the company’s value was $32.7 million.
Stocks on Long Blockchain have risen significantly during 2017-2018, before the price of cryptocurrency fell significantly. Long blockchain was classified as a low-cost speculative stock in 2018-2020.
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