One chapter of the 2017 bitcoin craze ended this week, with shares of Long Blockchain Corporation delisted by the SEC on Monday, in line with a submitting first seen by Bloomberg.
Lengthy Blockchain, an organization based mostly in Farmingdale, New York, noticed its shares delisted from the OTC change after it did not file its monetary experiences in numerous years. The corporate’s final monetary report was submitted to the SEC in 2018.
Lengthy Blockchain was previously referred to as Lengthy Island Ice Tea Corp., however the company made a pivot to blockchain and changed its name amid the epic rally in cryptocurrencies in 2017. The corporate was subsequently kicked off the Nasdaq change following risky swings in its share worth.
The SEC stated in its order that Lengthy Blockchain’s supposed pivot to the crypto expertise did not materialize. Lengthy Blockchain agreed to have its share registration revoked with out admitting or denying the SEC’s findings, in line with the order.
Lengthy Blockchain’s fortunes would have possible been reversed if it managed to efficiently pivot to the crypto area, provided that bitcoin is greater than double its peak 2017 worth of practically $20,000 this 12 months, even after falling more than 17% this week.