Long Blockchain At Risk of Nasdaq Removal
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.
Upon announcing its move into blockchain, LBCC spiked from a low of $1.70 oto as high as $9.49. LBCC has since fallen to $3.63 as of yesterday’s close.
This drop in price means that LBCC is at risk of not complying with Nasdaq’s rules requiring that a listed firm’s market capitalization remain above $35 million for ten business days in a row.
In an 8-K filing dated Feb. 15, Long Blockchain announced it would appeal Nasdaq’s determination. A successful appeal would give the company until April 9 to maintain a market value of $35 million or greater.
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