The US SEC Revokes Registration of Long Blockchain Corp’s Securities – Regulation Bitcoin News

The US Securities and Exchange Commission says it has revoked Long Blockchain Corp’s (LBCC) registered securities after the company failed to file annual reports as of December 31, 2017. In addition, the SEC informs LBCC that it made the switch, from making soft drinks to activities related to blockchain technology in December 2017, filing quarterly reports is also “delinquent”.

Non-existent blockchain business

In a document revealing the lawsuit against LBCC, citing the Securities Exchange Act of 1934, the SEC states that its decision (to revoke securities) is intended to protect the investor. The SEC adds that an investigation found that after Long Island Iced Tea Corp’s name changed to LBCC, the listed company’s blockchain business never went live.

Meanwhile, regarding the status of LBCC’s common stock, the SEC said the following:

LBCC’s common stock was registered under Section 12 (b) of the Securities Exchange Act and traded on the Nasdaq until Nasdaq filed a Form 25 on June 6, 2018 to delist the securities. LBCC stock is currently listed on OTC Link, whose parent company is OTC Markets Group, Inc, which has not filed a “Form 10-Q” as of September 30, 2018.

LBCC agrees to the billing

Meanwhile, the SEC said LBCC has since “filed a settlement offer, which the commission has accepted”. According to the SEC, this revocation took effect on February 22, 2021. The SEC’s revocation of the registration of each class of LBCC securities is the most recent setback for the company.

As reported by news.Bitcoin.com, LBCC’s December 2017 conspiracy to connect to blockchain technology may have helped trigger the 400% rise in prices in one day. That change in assets would prove short-lived, however, as the Nasdaq Listing Qualifications Department would later delist the common stock of LBCC.

What do you think of the SEC’s revocation of registration of LBCC’s securities? You can share your views in the comments section below.

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