Nasdaq delists contentious Long Blockchain
However, the company intends to apply for its common stock to be quoted and traded on the OTCQB Market.
The United States’ Nasdaq Stock Market has officially delisted controversial company Long Blockchain. As a result, trading of company shares was suspended on the Nasdaq Capital Market at the open of business today.
On Tuesday this week, Long Blockchain received a delisting determination letter from the Nasdaq Hearings Panel in relation to the company’s common stock. In mid-February the company received notice from the staff of Nasdaq’s listing qualifications department signalling that they had decided to delist Long Blockchain.
“The notification letter stated that the staff believed that the company made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology, thereby raising concerns about the company’s suitability for exchange listing,” the company said.
In March, Long Blockchain appealed the delisting determination but the panel upheld the department’s ruling.
A listed company’s market capitalization must remain above $35 million for ten consecutive business days, according to Nasdaq’s listing requirements. Long Blockchain’s market cap is currently a little over $11 million.
However, Long Blockchain intends to apply for its common stock to be quoted and traded on the OTCQB Market. Effective April 12, this 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.
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).
Long Blockchain commenting on Nasdaq’s decision to delist its common stock
Additionally, LBCC is attempting to finalize its acquisition of Hashcove, a UK-based blockchain tech startup.
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