Long Blockchain

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Long Blockchain Corp.
LIITBC.jpeg
Founded 2011
Headquarters Farmingdale (Long Island), New York
Key People Andy Shape, CEO of Stran Loyalty Group
Products Beverages
Website Long Blockchain Corp

Long Blockchain (LBCC), formerly known as the Long Island Iced Tea Corp., is a company allegedly seeking to explore the benefits of blockchain technology.[1]

Background

The company was originally known as the non-alcoholic beverage producer Long Island Iced Tea Corp. In December 2017, the company announced that its business model would shift towards exploring blockchain and cryptocurrency-related services, rebranding as "Long Blockchain." After the rebrand, the company's stock price exploded, increasing more than 300 percent. The company announced it would be ordering equipment to start a bitcoin mining operation, but later announced that it had canceled the order. In April 2018, Long Blockchain was delisted from the Nasdaq stock exchange, which caused its stock to drop.[2][3]

In July 2018, the company created a subsidiary called the Stran Loyalty Group (SLG), which would focus on creating loyalty and gift card programs to various companies. It formed a partnership with Stran Promotional Solutions (SPS), a promotional services company. Stran Loyalty Group's newly-appointed CEO Andy Shape said that it planned on using distributed ledger technology.[4][5]

Long Blockchain was subpoenaed by the SEC on July 10, 2018. According to Long Blockchain, this was because the SEC believed the company "made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology." Long Blockchain said in a press release that it was "fully cooperating with the SEC's investigation."[6][7]

Claiming that the company had failed to file required annual and quarterly financial reports The SEC revoked the registration of Long Blockchain's securities on February 22, 2021. Long Blockchain agreed to the revocation without affirming or denying the agency's charges.[8]

References

  1. Nasdaq to delist Long Blockchain Corp, underlining fading bitcoin fervor. MarketWatch.
  2. Nasdaq to delist Long Blockchain Corp, underlining fading bitcoin fervor. MarketWatch.
  3. Nasdaq Exchange to Delist Long Blockchain Stock. Coindesk.
  4. Long Blockchain Announces Formation of Stran Loyalty Group, Appoints Andy Shape as Chief Executive Officer. Globe News Wire.
  5. Beverage Turned Bitcoin Mining Company Long Blockchain Moves into Loyalty Market. Cointelegraph.
  6. SEC Subpoenas Another Firm Following Claimed Blockchain Pivot. Coindesk.
  7. Long Blockchain Gets Hit With SEC Subpoena After Nasdaq Ouster. Bloomberg.
  8. ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934,MAKING FINDINGS, AND REVOKING REGISTRATION OF SECURITIES. U.S. Securities and Exchange Commission.