Another pin was stuck into the bitcoin bubble after it emerged Wednesday that Long Blockchain (LBCC) is being delisted by Nasdaq, which had earlier cited the company for “statements designed to mislead investors.” The company, which made a dramatic pivot from iced tea brewing to blockchain at the height of last December’s bitcoin frenzy, announced it received a delisting determination letter from the exchange’s Hearings Panel.
Last week, Long Blockchain said in a filing with the Securities and Exchange Commission that its annual report could not be completed on time. “(The) registrant is still compiling information for the Form 10-K and the auditors have not completed their review of the financial statements,” the April 4 filing stated.
The stock sank 37% to 1.10 on the stock market today, hitting a record low. Long Blockchain will remain a public company following the delisting and its shares will continue to trade.
The stock has an abysmal IBD Composite Rating of just 5, and its relative strength line is at an all-time low. The day before it announced its name change and blockchain pivot, Long Island Iced Tea closed at 2.44 on Dec.
20. The very next day, the newly minted Long Blockchain’s stock reached an all-time intraday high of 9.49. Read more from investors.com…
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