Ex-producer of bottled iced tea and lemonade Long Blockchain Corp., which last year added to the company name the word “blockchain” received a subpoena from the securities and exchange Commission (SEC). About it writes Bloomberg.
The regulator has requested certain documents from the company on July 10. Representatives Of The Long Blockchain Corp. not revealed to the media details, only said that encourages and SEC investigation.
“We cannot predict or determine whether the procedure initiated by the SEC proceedings in connection with this investigation and its outcome in the case that such proceedings will be initiated”, — said representatives of the company.
On 1 August the company announced another change of pace. This time in the sphere of loyalty programs. To do this, she promised to open a separate unit called Stran Loyalty Group.
Note, previous name of the former manufacturer of the drink “Long Island Iced Tea”, had a focus for research investment in blockchain technology, the company’s management changed in December 2017. Immediately this was followed by a threefold increase of the stock of the company, and the company’s market capitalization grew to $70 million.
However, the rise did not last long. In February, Nasdaq has announced that it will hold delisting Long Blockchain Corp. from the lists of the stock exchange in connection with declining capitalization of the company.