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Long Blockchain Corp. will no longer trade on Nasdaq after cryptocurrency pivot results in delisting

Company shifted focus from beverages such as tea to crpytocurrency mining

Bitcoins
The shares plunged 37% on the news

Long Blockchain Corp.(NASDAQ:LBCC), the beverage company that pivoted into blockchain technology, will no longer trade on the Nasdaq after receiving a delisting letter from the exchange.

The firm, formerly known as the Long Island Iced Tea Corp., in December changed its name in a bid to shift its business focus to investing in technologies behind cryptocurrencies. On the day of the switch, the shares of the company surged 183% to a high of about US$7.00. The stock today dropped 37% to US$1.10 at 4:10 p.m.

 

 

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