Long Blockchain Will Not Proceed with Public Offering
At the end of 2017, Long Island Iced Tea changed its name to Long Blockchain (NASDAQ: LBCC). Long Blockchain, whose business had primarily been selling soft drinks, said it would seek to partner with or invest in companies that develop the decentralized ledgers known as blockchain, the technology that underpins bitcoin.
On January 5th, LBCC announced the signing of subscription agreements for a public offering of 1,603,294 shares of its common stock at a public offering price of $5.25 per share. The offering was expected to close on January 9th but, on January 9th, the company announced that it would not proceed with its previously announced public offering.
It’s not clear why the company decided not to proceed with the offering with Alexander Capital, L.P. acting as the placement agent for the offering on a “best efforts” basis.
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