The shares of Long Bitcoin Corp (LBCC), a beverage maker turned cryptocurrency miner, have been officially delisted by the U.S. Securities and Exchange Commission (SEC).
The company was ordered to withdraw its shares from the stock market after failing to file financial reports for years. According to Bloomberg, Long Bitcoin Corp’s most recent earnings report was for the quarter ended September 30, 2018.
Long Bitcoin Corp is registered in the state of Delaware according to information filed with the SEC.
Originally known as Long Island Ice Tea, Long Bitcoin changed its name during the cryptocurrency boom in January 2018. That was shortly after Bitcoin (BTC) hit a high, and exactly when altcoins hit new all-time highs. On this occasion, Long Blockchain said it could “not guarantee” that it would be successful in developing distributed ledger technology.
According to the SEC, the move from the beverage company to the blockchain has never come true. Under the terms of the SEC regulation, Long Blockchain agreed to have its actions withdrawn without allowing or denying the regulator’s findings.
As Cointelegraph reported in the past, Long Blockchain was in financial trouble long before the overhaul. The Nasdaq technology exchange delisted the company in April 2018 due to its low market capitalization.
On Friday, the last day of trading, Long Blockchain Corp’s stock was valued at $ 1.12 for a total market value of $ 32.7 million.
LBCC stock prices soared during the 2017-18 bull market high before falling sharply over a four-month period. The company was essentially a “penny stock” between 2018 and 2020.