Shares in Iced-Tea-Maker-Turned-Blockchain-Firm Delisted by SEC

Long Blockchain Corporation's shares have been ejected from U.S. public markets.

AccessTimeIconFeb 22, 2021 at 8:05 p.m. UTC
Updated Sep 14, 2021 at 12:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Long Blockchain Corporation, the former beverage company whose sudden pivot to crypto captured Wall Street's attention (and Nasdaq's ire) during the 2017 bull run had its shares delisted by the U.S. Securities and Exchange Commission (SEC) Monday after failing to file financial documents.

In an administrative order the SEC revoked registration of Long Blockchain's shares, eliminating the possibility of trading shares in the one-time tea maker by U.S. investors. That ability had already been severely restricted by Nasdaq's February 2018 decision to delist the New York company for allegedly misleading investors.

The order ends a public markets saga that lives on as a textbook example of opportunistic rebranding. When the company formerly known as Long Island Iced Tea Corp. rechristened itself "Long Blockchain Corporation" in December 2017, investors responded by pouring into its shares, spiking the value by over 500%.

Never mind that Long Blockchain Corp. initiated its rebranding without explaining exactly how it would embrace blockchain technology or move away from summertime beverages. A subsequent effort to buy bitcoin miners was abandoned in less than a month, setting the stage for Nasdaq to nix trading and relegating LBCC to the over-the-counter markets.

"Its blockchain business never became operational," SEC said in the Monday order.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about