Nasdaq threatens to delist Long Blockchain, previously known as Long Island Iced Tea

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If you’ve been paying careful versus cursory attention to blockchain news, you know that Long Island Iced Tea is more than just a boozy drink. It’s also a company trying to get rich off the buzz currently surrounding cryptocurrency and blockchain. The New Jersey based company has inspired widespread skepticism.

The Nasdaq stock exchange publicly announced it would delist Long Blockchain, Inc. (aka Long Island Ice Tea) stock because the company’s market capitalization is just too low.

Long Blockchain changed its name from Long Island Iced Tea last December and announced it would diversify from beverages into cryptocurrency.

The company was forced to disclose the notice in an SEC filing last Thursday and said it plans to appeal the decision by February 22. In order to remain listed for the long run, the company’s value would have to remain above $35 million for at least 10 days.

The company has been well below the required value almost every day since January 26th. Long Blockchain’s total market cap did nearly double to almost $67.4 million, immediately after its pivot announcement last fall. However, that was just before the historic 2017 bull run for cryptocurrency came to shocking halt and then plummeted. The company’s stock has been sluggish ever since.

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