It seems as if, Long Blockchain, which is regarded by making as the definition of the cryptocurrency bubble is able to go down as the Nasdaq Stock Exchange has confirmed that its shares will cease to be listed on it by the end of this month.
Previously called Long Island Iced Tea before its dubious crypto spindle, the former beverage company recognized its forthcoming delisting in documents filed Wednesday with the US Securities and Exchange Commission (SEC), noting that the exchange had struck down its requests and had informed the company that its shares will no longer be on the platform come June 18.
According to the filing:
“The Nasdaq Stock Market, Inc. (the Exchange) has determined to remove from listing the common stock of Long Blockchain Corp. (the Company), effective at the opening of the trading session on June 18, 2018. Based on a review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rule 5100.”
Nasdaq on Wednesday started to make proceedings to officially delist LBCC from its venue. In a filing approved by Nasdaq Hearings Advisor Amy Horton, the exchange operator noted that the SEC plans to delist the company’s stock and it has gone according to rules governing the removal of exchange-listed securities.
LBCC tried to prevent delisting by requesting the exchange’s ruling, however, this plea was not accepted after a subsequent hearing in April, forcing the company with no other alternative than to accept the inevitable.
Long Blockchain will continue to be a public company and confirmed that it will apply to have its shares mentioned on an over-the-counter (OTC) marketplace, a venue with less liquidity than a security’s exchange but less-rigid listing requirements.
LBCC shares were not greatly affected by the announcement, as it was long expected.