Long Blockchain Corp. Announces Receipt of Delisting Determination from Nasdaq; Trading to Move to OTC Markets
April 10 2018 - 8:30PM
Long Blockchain Corp. (NasdaqCM: LBCC) (the “Company” or “LBCC”)
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.
Forward Looking
Statements
This press release includes statements of the
Company’s expectations, intentions, plans and beliefs that
constitute "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and are intended to come within the
safe harbor protection provided by those sections. These
statements, which involve risks and uncertainties, relate to the
discussion of the Company’s business strategies and its
expectations concerning future operations, margins, sales, new
products and brands, potential joint ventures, potential
acquisitions, expenses, profitability, liquidity and capital
resources and to analyses and other information that are based on
forecasts of future results and estimates of amounts not yet
determinable. These statements include any statement that does not
directly relate to a historical or current fact. You can also
identify these and other forward-looking statements by the use of
such words as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "thinks," "estimates," "seeks,"
"predicts," "could," "projects," "potential" and other similar
terms and phrases, including references to assumptions. These
forward looking statements are made based on expectations and
beliefs concerning future events affecting the Company and are
subject to uncertainties, risks and factors relating to its
operations and business environments, all of which are difficult to
predict and many of which are beyond its control, that could cause
its actual results to differ materially from those matters
expressed or implied by these forward looking statements. These
risks include the Company’s history of losses and expectation of
further losses, its ability to expand its operations into
blockchain technologies, its ability to develop or acquire new
brands, the success of its marketing activities, the effect of
competition in its industry and economic and political conditions
generally, including the current economic environment and markets.
More information about these and other factors are described in the
reports the Company files with the Securities and Exchange
Commission, including but not limited to the discussions contained
under the caption “Risk Factors.” When considering these forward
looking statements, you should keep in mind the cautionary
statements in this press release and the reports the Company files
with the Securities and Exchange Commission. New risks and
uncertainties arise from time to time, and the Company cannot
predict those events or how they may affect it. The Company assumes
no obligation to update any forward looking statements after the
date of this press release as a result of new information, future
events or developments, except as required by the federal
securities laws.
Contacts:
For Investors
Shamyl Malik
Long Blockchain Corp.
1-855-452-LBCC
info@longblockchain.com