Shares of Long Island Iced Tea, whose price jumped in December after the company's renaming to Long Blockchain, is waiting for Nasdaq delisting this Thursday. This is reported by CoinDesk.
The company unveiled the decision of the stock exchange on Tuesday, along with the price of its shares fell by 37% and reached $ 1.10. Long Blockchain shares were traded just below $ 10 in December.
In February, Long Blockchain announced its intention to challenge the decision shares delisting, but its efforts were not successful.
The Company appealed this determination and a hearing was held on March 22, 2018. Following this appeal, the Hearings Panel determined to uphold the Staff's decision. Accordingly, trading of the Company's shares will be suspended on the Nasdaq Capital Market at the opening of business on April 12, 2018.
Long Blockchain Statement
The possible delisting of Long Blockchain became known in October last year. According to the requirements of the trading platform, the market capitalization of the company's shares should stay above the level of $ 35 for 10 consecutive working days. At the time of publication, the capitalization of LBCC is about $ 11 million.
In February, Nasdaq issued a repeated warning, simultaneously suggesting that Long Blockchain was not completely honest with its investors.
The notification letter stated that the staff believed that the Company made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology, thereby raising concerns about the company's suitability for exchange listing. The company strongly disagrees with the staff's determination and, accordingly, has appealed to a Hearings Panel.
According to the latest announcement, Long Blockchain is not going to give up its plans, including the purchase of a British company.