Nasdaq Says It Will Delist Long Blockchain, the Iced-Tea-Turned-Bitcoin Company [Fortune]
LONG BLOCKCHAIN CORP COMMON (LBCC)
US:NASDAQ Investor Relations:
investors.longislandicedtea.com
Company Research
Source: Fortune
The Nasdaq stock exchange has notified New Jersey-based Long Blockchain, Inc. that it would delist the stock because the company’s market capitalization was too low. Long Blockchain was formerly known as Long Island Iced Tea, but changed its name last December and announced it would diversify from beverages into cryptocurrency. The company disclosed the notice in an SEC filing last Thursday, and said it would appeal the decision by February 22nd. To remain listed long-term, the company’s value would have to remain above $35 million for at least 10 days. It has been below that value almost every day since January 26th. Long Blockchain’s total market cap nearly doubled, to as much as $67.4 million, immediately after its pivot announcement. But that announcement came just before the historic 2017 bull market for cryptocurrency came to an end, and the company’s stock has slumped since. Worse, Long Blockchain’s pivot has appeared rocky so far—and that’s putting it gentl
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