annual report, blockchain technology, delisting, Long Blockchain Corp, Long Island Iced Tea Corp, nasdaq, Securities Exchange Act, Securities registration, The US Securities and Exchange Commission

The U.S. Securities and Exchange Commission (SEC) says it has revoked the registered securities of Long Blockchain Corp (LBCC) after the company failed to file annual reports since Dec. 31, 2017. In addition, the SEC says LBCC, which made the switch from soft drink production to activities related to blockchain technology in December 2017, is also “delinquent in filing quarterly reports.â€

Non-Existent Blockchain Business

In a document that reveals the proceedings against LBCC, the SEC, which cites the Securities Exchange Act of 1934, says its decision (to revoke securities) is intended to protect investors. The SEC adds that an investigation had found that after the name change from Long Island Iced Tea Corp to LBCC, the listed company’s “blockchain business never became operational.â€

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

LBCC Agrees to Settle

In the meantime, the SEC says LBCC has since “submitted an Offer of Settlement which the Commission has determined to accept.†According to the SEC, this revocation became effective as of Feb. 22, 2021. The revocation of the registration of each class of LBCC’s securities by the SEC is the latest setback for the company.

As reported by news.Bitcoin.com, LBCC’s December 2017 plot to associate itself with the blockchain technology may have helped to trigger the 400% single-day price surge. However, this change in fortunes would prove to be short-lived as the Nasdaq Listing Qualifications Department would later institute delisting proceedings against LBCC’s common stock.

What are your thoughts on the SEC’s revocation of the registration of LBCC’s securities? You can share your views in the comments section below.

RELATED NEWS

Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

On Wednesday, after bitcoin prices touched a new all-time high, thousands of bitcoins from the August 2, 2016, Bitfinex hack were transferred to unknown wallets. The exact count of BTC moved from the hack is not entirely clear, but one blockchain parser shows that over 12,208 BTC from the 2016 Bitfinex breach worth $754 million […]

Xem chi tiết: Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

On Wednesday, after bitcoin prices touched a new all-time high, thousands of bitcoins from the August 2, 2016, Bitfinex hack were transferred to unknown wallets. The exact count of BTC moved from the hack is not entirely clear, but one blockchain parser shows that over 12,208 BTC from the 2016 Bitfinex breach worth $754 million […]

Xem chi tiết: Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

Off to the Races: Kryptoin Re-files Bitcoin ETF Opting to List on Cboe Over Nasdaq

On April 9, 2021, the Delaware-based company and sponsor of the “Kryptoin Bitcoin ETF Trust†filed an S1 amendment for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The asset manager re-filed its 2019 ETF application and instead of leveraging NYSE, the company plans to use Cboe BZX. Kryptoin Joins […]

Xem chi tiết: Off to the Races: Kryptoin Re-files Bitcoin ETF Opting to List on Cboe Over Nasdaq

Coinbase IPO Set for April 14 via Direct Listing on Nasdaq

The U.S. Securities and Exchange Commission (SEC) has greenlighted Coinbase’s initial public offering via a direct listing on Nasdaq, the company has confirmed. Coinbase’s IPO is set to debut in two weeks, on April 14. Coinbase IPO to Debut in 2 Weeks Coinbase Global Inc. announced Thursday that the U.S. Securities and Exchange Commission (SEC) […]

Xem chi tiết: Coinbase IPO Set for April 14 via Direct Listing on Nasdaq

Ripple to Dispose Stake in Moneygram Shortly After Announcing End of a Business Relationship

Just a few days after announcing the end of its partnership with Moneygram, the fintech firm Ripple Labs is now moving to dispose of its stake in the listed company. In a filing with the U.S. Securities and Exchange Commission (SEC), Ripple says it has entered into an agreement with Jefferies in which the latter […]

Xem chi tiết: Ripple to Dispose Stake in Moneygram Shortly After Announcing End of a Business Relationship

$2 Billion Merger: Bitcoin Miner Cipher Going Public Backed by Fidelity and Morgan Stanley

Cipher Mining, a bitcoin mining operation of Bitfury, has announced that it is going public via a merger with a special purpose acquisition company (SPAC). The deal values the combined company at $2 billion, with funding from investors such as Morgan Stanley and Fidelity. Cipher Mining Technologies Inc., a newly formed U.S.-based bitcoin mining operation […]

Xem chi tiết: $2 Billion Merger: Bitcoin Miner Cipher Going Public Backed by Fidelity and Morgan Stanley

Gold Bull Jeffrey Gundlach Says ‘BTC Maybe the Stimulus Asset’ Ahead of the Precious Metal

Renowned gold bull and CEO of investment management firm Doubleline, Jeffrey Gundlach says bitcoin may be the “stimulus asset†while adding it “doesn’t look like gold is.†Gundlach, a self-professed long-term dollar bear, had preceded his comments about bitcoin by remarking that “lots of liquid poured into a funnel creates a torrent.†BTC Outperforming Gold […]

Xem chi tiết: Gold Bull Jeffrey Gundlach Says ‘BTC Maybe the Stimulus Asset’ Ahead of the Precious Metal

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

A Chinese tea retailer is looking to make its inception into the bitcoin mining business. Publicly-listed Urban Tea announced the expansion of its operations by appointing two executives to pursue its crypto plans. Urban Tea Praises Cryptocurrencies’ Widespread Popularity Per the announcement, Urban Tea Inc. hired Fengdan Zhou as the company’s new chief operating officer […]

Xem chi tiết: Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

Dubai Government Licensing Entity Now Accepts Bitcoin for Payments

Haunted by Past Elon Musk Predictions, Gold Bug Peter Schiff Tears Into Tesla’s BTC Acquisition

Haunted by Past Elon Musk Predictions, Gold Bug Peter Schiff Tears Into Tesla’s BTC Acquisition

Federal Court Rejects Motion Filed by Crypto Developer Virgil Griffith to Dismiss Charges on Aiding North Korea

Biden Administration Reported to Be Lining up a Former Ripple Advisor as the Next Bank Regulator

Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

UK Investment Firm Aims to Block Ripple From Leveraging Liquid Assets, Jed McCaleb Dumps 28.6 Million XRP

Polkadot Flips XRP to Become the Fourth-Ranked Crypto After Price Spikes 100% in Less Than a Week

Other Articles