Long Blockchain, the beverage company-turned-crypto-firm, is dealing with a delisting from the Nasdaq inventory alternate, public information present.
The cause lies in Long Blockchain’s sliding inventory worth, which rose to just about $7 in December after a powerful market response following its crypto-pivot. Now buying and selling under $four, the corporate’s press-time market capitalization of $33.01 million (per information from Google) signifies that it runs afoul of Nasdaq’s guidelines requiring listed agency’s market capitalization stay above $35 million for ten enterprise days in a row.
In a submitting with the U.S. Securities and Exchange Commission (SEC) dated Feb. 15, Long Blockchain introduced it might attraction the transfer by Feb. 22. If it’s profitable, the corporate has till April 9 to take care of a market worth of $35 million.
“On February 15, 2018, Long Blockchain Corp. (the “Company“) received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq“) stating that Nasdaq had determined to delist the Company’s securities under the discretionary authority granted to Nasdaq pursuant to Nasdaq Rule 5101,” the agency wrote.
How that course of will play out stays to be seen.
The firm had already been warned of a doable delisting in October, a transfer that got here simply over two months previous to saying its pivot and accompanying identify change.
In the time for the reason that shift towards blockchain, the corporate has introduced and canceled a plan to buy 1,000 bitcoin miners. In order to fund its buy, the corporate additionally introduced a inventory sale to lift $four.2 million over an almost four-week interval. This sale was referred to as off per week later, however it stays unclear how a lot the corporate raised.