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Long Blockchain, former iced-tea turned crypto company, has its shares delisted by the SEC

Published by Business Insider on Tue, 23 Feb 2021

<p><img src="https://static2.businessinsider.com/image/603524cfbed5c50011a2c0b0-2400/GettyImages-873696144.jpg" border="0" alt="Bitcoin Bubble" data-mce-source="Jaap Arriens/NurPhoto via Getty Images" data-mce-caption="Bitcoin replica coins are seen on November 13, 2017" data-link="https://www.gettyimages.co.uk/detail/news-photo/bitcoin-replica-coins-are-seen-on-november-13-2017-the-news-photo/873696144'adppopup=true"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>Shares of Long Blockchain have been delisted by the SEC after failing to file its financial reports.</strong></li><li><strong>The company formerly operated as an iced-tea company, but it tried to pivot to blockchain and changed its name to Long Blockchain from Long Island Ice Tea amid the bitcoin frenzy of 2017.</strong></li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener noreferrer" data-stringify-link="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell" data-sk="tooltip_parent"><strong data-stringify-type="bold">Sign</strong><strong data-stringify-type="bold">&nbsp;</strong><strong data-stringify-type="bold">up</strong><strong data-stringify-type="bold">&nbsp;here for our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong data-stringify-type="bold">.</strong></li></ul><p>One chapter of the 2017 bitcoin craze ended this week, with <a href="https://www.sec.gov/litigation/admin/2021/34-91174.pdf">shares of Long Blockchain Corporation delisted by the SEC</a> on Monday, according to a filing <a href="https://www.bloomberg.com/news/articles/2021-02-22/long-blockchain-delisted-by-sec-after-riding-2017-s-crypto-craze">first seen by Bloomberg.</a></p><p>Long Blockchain, a company based in Farmingdale, New York, saw its shares delisted from the OTC exchange after it failed to file its financial reports in a number of years. The company's last financial report was submitted to the SEC in 2018.</p><p>Long Blockchain was formerly known as Long Island Ice Tea Corp., but the <a href="https://markets.businessinsider.com/currencies/news/long-blockchain-crypto-pivot-is-complete-2019-3-1028012464">company made a pivot to blockchain and changed its name</a> amid the epic rally in cryptocurrencies in 2017. The company was subsequently kicked off the Nasdaq exchange following volatile swings in its share price.</p><p>The SEC said in its order that Long Blockchain's supposed pivot to the crypto technology failed to materialize. Long Blockchain agreed to have its share registration revoked without admitting or denying the SEC's findings, according to the order.</p><p>Long Blockchain's fortunes would have likely been reversed if it managed to successfully pivot to the crypto space, given that bitcoin is more than double its peak 2017 price of nearly $20,000 this year, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-price-ether-xrp-janet-yellen-elon-musk-2021-2-1030112430">even after falling more than 17% this week.&nbsp;</a></p><p><a href="http://markets.businessinsider.com/news/long-blockchain-former-iced-tea-turned-crypto-company-has-its-shares-delisted-by-the-sec-1030114163#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></p>
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