The United States Securities and Exchange Commission (SEC) today announced the revocation of registration of securities of Long Blockchain Corp (LBCC).
In anticipation of the institution of the administrative proceedings, the company has submitted an offer of settlement which the regulator has determined to accept. S
LBCC, a Delaware corporation based in Long Island, New York, (CIK No. 0001629261), was formerly known as Long Island Iced Tea Corp. From approximately 2015 to 2017, the company’s principal business was ready-to-drink beverages. In December 2017, the company changed its name to LBCC and announced that it was shifting its business operations from soft drink production to activities related to blockchain technology. Its blockchain business, however, never became operational.
LBCC has common stock registered pursuant to Section 12(g). The common stock of LBCC was registered under Section 12(b) of the Exchange Act and traded on NASDAQ until NASDAQ filed a Form 25 on June 6, 2018 to delist the securities. LBCC stock is currently quoted and on OTC Link whose parent company is OTC Markets Group, Inc.
The SEC notes that LBCC has failed to comply with Section 13(a) of the Exchange Act and Rules 13a- 1 and 13a-13 thereunder in that it has not filedan annual report on Form 10-K since the period ended December 31, 2017. The company is also delinquent in filing quarterly reports, having not filed a Form 10-Q since the period ended September 30, 2018.
The regulator has ordered that registration of each class of the respondent’s securities registered pursuant to Section 12 of the Exchange Act be, and hereby is, revoked. The revocation is effective as of February 22, 2021.