The beverage maker has failed to file the financial reports of its bitcoin mining company with the SEC. The SEC has ordered Long Blockchain Corp. officially delisted.
Why was BTC Mining Company not listed?
Shares in Long Bitcoin Corp (LBCC), a cryptocurrency mining beverage company, have been officially delisted by the United States Securities and Exchange Committee (SEC).
The company has not been able to produce a random financial report for years. Therefore, it will be delisted. According to Bloomberg, Long Bitcoin Corp’s most recent interest rate report was for the quarter ended September 30, 2018.
Long Bitcoin Corp is registered in the state of Delaware, according to the SEC filing information.
Long Bitcoin History
Long Bitcoin was originally known as the Long Island Ice Tea. It was renamed during the peak of crypto craze in January 2018. At the time, Long Blockchain said there was “no guarantee” that it would be successful in developing distributed ledger technology. According to the SEC
, the company’s transition from beverages to blockchain never happened. Under the terms of the SEC’s mandate, Long Blockchain did not respond to the regulator’s findings. So he agreed to cancel his shares.
Lange Blockchain was in financial trouble long before it became a brand again. Accordingly, the tech-heavy Nasdaq exchange delisted the company in April 2018 due to its small market cap.
As of Friday, Long Blockchain Corp had a total market capitalization of $32.7 million. Accordingly, the stock was worth $1.12.
LBCC stock prices rose at the peak of the 2017-18 bull market before collapsing abruptly over the four-month period. Accordingly, in mid-2018 and mid-2020 the company was essentially a very cheap stock.