Last year’s rebranding of Long Island Iced Tea into Long Blockchain symbolized the moment that the bitcoin movement went from a boom to a craze. The bizarre makeover from Long Island beverage company to blockchain powerhouse sent the stock spiking nearly 200% the same day.
Long Blockchain (LBCC), as the company is now known, said in a filing on Wednesday that Nasdaq has accused it of making a series of public statements “designed to mislead investors.” Nasdaq wrote a February 15 letter to Long Blockchain saying it believes the company attempted to “take advantage of general investor interest in bitcoin and blockchain technology.”
Citing “concerns about the Company’s suitability for exchange listing,” Nasdaq said it plans to use its “discretionary authority” to delist Long Blockchain. Long Blockchain said it “strongly disagrees” with Nasdaq’s determination and has appealed the delisting decision.
The appeal means the stock, listed under the ticker symbol “LBCC,” will continue to trade, for now at least. On Tuesday, days after the Nasdaq letter, Long Blockchain appointed a new CEO and announced a plan to spin off its beverage business.
The Long Blockchain situation brought back memories of the dotcom bubble, when some companies added “dotcom” to their end of their names to seize on the insatiable appetite for internet stocks. Similarly, the cryptocurrency boom led other companies to change their names and business models. Read more from money.cnn.com…
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