Nasdaq Stock Market, in an announcement, has decided to delist. Long Blockchain Corp, the former soft drink manufacturer converted to Blockchain Development company. They had received a delisting determination letter which was related to the companies stock.
Despite the delisting, LBCC has announced that it will remain a public company and that its shares will be traded publically. It will continue to comply with all the SEC rules and regulations which applied to companies that operate under the exchange act. It has announced that it intends to apply for its stock to be traded and quoted on the QTCQB Market and the common stock owned by the company will be eligible for quotation of trading in the OTC markets which operates the Pink current information tier.
“LBCC will remain a public company following the delisting and its shares will continue to trade publicly. … The Company will continue to maintain an independent Board of Directors with an independent Audit Committee and provide annual financial statements audited by a Public Company Accounting Oversight Board (PCAOB) auditor and unaudited interim financial reports, prepared in accordance with U.S. generally accepted accounting principles (GAAP).”
This news comes in light of the company which was previously an iced tea and lemonade company which made a move to invest in Bitcoin machinery, following which it saw its stock valuation rise up by as much as 500%. The company issued a press release stating that Nordic Data Centre will see the deployment of the cryptocurrency mining equipment.
LBCC is working towards acquiring Hashcove, which is a company based in the UK and specializes in developing distributed ledger technology solutions. Hashcove has planned various application for the blockchain technology which includes platforms for tokens, crypto exchanges, wallets, contracts for initial coin offerings [ICO], Know-your-Customer [KYC] and clearing technology on the blockchain.
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