The shares of Long Bitcoin Corp (LBCC), a beverage maker turned cryptocurrency mining company, have been officially delisted by the U.S. Securities and Exchange Commission (SEC).
The company was ordered to delist its shares after failing to prepare financial reports for years. Long Bitcoin Corp’s last earnings report was for the quarter ended September 30, 2018, according to Bloomberg.
Long Bitcoin Corp is registered in the state of Delaware according to SEC filings.
Originally known as Long Island Ice Tea, Long Bitcoin was renamed during the peak of the crypto euphoria in January 2018. This was shortly after Bitcoin’s (BTC) peak and around the time altcoins were making new all-time highs. At the time, Long told Blockchain that there could be “no assurance” that it would be successful in developing distributed ledger technology.
According to the SEC, the company’s switch from beverages to blockchain never came about. Under the terms of the SEC order, Long Blockchain agreed to withdraw its shares without admitting or denying the regulator’s findings.
As Cointelegraph previously reported, Long Blockchain was in financial trouble long before the rebranding. The tech-heavy Nasdaq stock exchange delisted the company in April 2018 due to its low market capitalization.
LBCC shares through Yahoo Finance
On Friday – presumably the last day of trading – Long Blockchain Corp was valued at $ 1.12 per share for a total market value of $ 32.7 million.
LBCC stock prices rose at the height of the bull market in 2017 to 2018 before falling steeply over a four month period. The company was essentially a penny stock between 2018 and 2020.
