SEC Suspends Trading in OTC Chinese Blockchain Company
Last Friday, the SEC announced the temporary suspension of trading in the securities of UBI Blockchain Internet, Ltd. (“UBIA”).
Prior to its suspension, UBIA was quoted on the QB tier of the OTC Markets.
According to UBIA’s business description on OTCMarkets.com, “UBI Blockchain Internet, LTD. business encompasses the research and application in blockchain technology with a focus on the Internet of Things covering areas of food, drugs and healthcare. Management plans to focus its business in the integrated wellness industry, by providing procedures for safety and effectiveness in food and drugs, but also preventing counterfeit or fake food and drugs. With the advancement of the blockchain technology, the Company plans to trace a food or drug product from its original source within the context of the internet of things to the final consumer.”
The SEC temporarily suspended trading in the securities of UBIA because of (i) questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the company’s business operations; and (ii) concern about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017.
Learn more HERE.