Shares of Lengthy Bitcoin Corp (LBCC), a beverage firm turned cryptocurrency mining firm, have been formally delisted by the USA Securities and Alternate Fee, or SEC.
The corporate was ordered to delist its inventory after failing for years to provide any monetary reviews. Lengthy Bitcoin Corp’s final earnings report was for the quarter ending Sept. 30, 2018, in keeping with Bloomberg.
Lengthy Bitcoin Corp is registered within the state of Delaware, in keeping with SEC filings.
Initially generally known as Lengthy Island Ice Tea, Lengthy Bitcoin rebranded through the top of crypto euphoria in January 2018. That was shortly after Bitcoin (BTC) peaked in value and proper across the time that altcoins hit new all-time highs. On the time, Lengthy Blockchain mentioned there “may be no assurance” that it is going to be profitable in creating distributed ledger know-how.
In response to the SEC, the corporate’s shift from drinks to blockchain by no means materialized. Beneath the circumstances of the SEC’s order, Lengthy Blockchain agreed to have its shares revoked with out admitting or denying the regulator’s findings.
As Cointelegraph beforehand reported, Lengthy Blockchain was in monetary hassle lengthy earlier than the rebranding. The tech-heavy Nasdaq trade delisted the corporate in April 2018 attributable to low market capitalization.
LBCC shares through Yahoo Finance
As of Friday — presumably, its last buying and selling day — Lengthy Blockchain Corp was value $1.12 per share, for a complete market worth of $32.7 million.
LBCC share costs surged through the top of the 2017 to 2018 bull market earlier than declining precipitously over a four-month interval. The corporate was basically a penny inventory between 2018 and 2020.