SEC Delists Long Blockchain Corp for Failing to File Financial Reports
US regulators have delisted Long Blockchain Corp., the former iced-tea company after it failed to file financial reports for years.
The company was previously known as Long Island Iced Tea Corp. but changed its name to Long Blockchain in 2017. It has been trading over-the-counter (OTC) since Nasdaq removed it from its exchange the following year in 2018, said the US Securities and Exchange Commission (SEC) in its order.
The SEC officially pulled the New York-based company's registration on Monday based on the reason that the last time Long Blockchain filed a financial report was for the quarter ended Sept. 30, 2018.
In its order, the agency further said the company's shift from making soft drinks to blockchain technology never materialized.
During the 2017 mania, several companies jumped on the cryptocurrency bandwagon to capitalize on the bull rally.
Long Blockchain didn’t admit or deny the SEC's findings and agreed to have its share registration revoked.