Long Blockchain Faces Delisting Again, Despite Name Change
- Nasdaq seeks to remove shares after market value slumps anew
- Stock has sunk by more than half since December rebranding
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Long Blockchain Corp. is poised to be delisted, a fate the iced-tea company temporarily avoided by jumping in on the cryptocurrency craze.
The unprofitable beverage maker formerly known as Long Island Iced Tea Corp. got a notice that its shares would be removed from the Nasdaq, according to a filing Friday. Its market value has dropped back below the exchange’s $35 million threshold after surging in December, when the company announced it was acquiring 1,000 bitcoin-mining machines and changing its name.