Long Blockchain Corp today announced that on April 10, 2018, the Company received a delisting determination letter from the Hearings Panel of The Nasdaq Stock Market LLC ("Nasdaq") relating to the Company's common stock. As previously reported, on February 15, 2018, the Company received notice from the Staff of Nasdaq's Listing Qualifications Department indicating that they had determined to delist the Company's securities under the discretionary authority granted to Nasdaq pursuant to Nasdaq Listing Rule 5101. The Company appealed this determination and a hearing was held on March 22, 2018. Following this appeal, the Hearings Panel determined to uphold the Staff's decision. Accordingly, trading of the Company's shares will be suspended on the Nasdaq Capital Market at the opening of business on April 12, 2018. The Company intends to apply for its common stock to be quoted and traded on the OTCQB Market. Effective April 12, 2018, the Company's common stock will be eligible for trading and quotation on the Pink Current Information tier operated by the OTC Markets Group Inc. The Company's trading symbol will remain LBCC (trading and quotation information will be available at www.otcmarkets.com).
LBCC will remain a public company following the delisting and its shares will continue to trade publicly. The Company will continue to make all required SEC filings on Forms 10-K, 10-Q and 8-K, and will remain subject to the all SEC rules and regulations applicable to reporting companies under the Exchange Act. 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).
LBCC's transition to the over-the-counter market does not diminish the focus of its efforts to become a leader in blockchain technology. LBCC continues to work towards closing its acquisition of Hashcove, an early stage UK-based technology company focused on developing and deploying globally scalable distributed ledger technology solutions. Among its planned product offerings, Hashcove is developing tokenized platforms, crypto-exchanges and wallets, smart contracts for initial coin offerings (ICO), know-your-customer (KYC) and financial clearing technology on blockchain, and other related blockchain applications. In addition, LBCC continues to work closely with CASHe and Stater - the two companies in which it recently acquired minority strategic stakes - to create blockchain solutions to enhance their respective technology infrastructures. CASHe is a short term digital lender to millennials in India who lack access to personal loans, while Stater owns a UK regulated brokerage that facilitates market access across multiple instruments including spot FX, Commodities, Equities and Contracts for Difference (CFD).
LBCC's Board of Directors will continue to evaluate options to maximize the value of the Company's assets, including opportunities to invest in or acquire one or more operating businesses that provide opportunities for appreciation in value.
About Long Blockchain Corp.
Long Blockchain Corp. is focused on developing and investing in globally scalable blockchain technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long term value for its shareholders and the global community by investing in and developing businesses that are "on-chain". Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this dynamic industry, actively pursuing opportunities. Its wholly-owned subsidiary Long Island Brand Beverages, LLC operates in the non-alcohol ready-to-drink segment of the beverage industry under its flagship brand ‘The Original Long Island Brand Iced Tea®'. For more information on the Company, please visit www.longblockchain.com.