Earlier than the present run-up in cryptocurrency costs, there have been the wild days of late 2017 into 2018. One of many poster-children for that craze was an iced-tea firm in Lengthy Island, New York referred to as Lengthy Island Iced Tea.
From roughly 2015 to 2017, the corporate’s principal enterprise was ready-to-drink drinks. In December 2017, the corporate modified its title to Lengthy Blockchain Corp. (LBCC) and introduced that it was shifting its enterprise operations from gentle drink manufacturing to actions associated to blockchain expertise.
It was by no means very clear precisely what LBCC supposed to do. And an organization press release said that “there could be no assurance that the Firm will probably be profitable in growing [blockchain] expertise, or in profitably commercializing it, if developed.” However the rebranding with “blockchain” within the firm title triggered the share worth to extend 500%.
In February 2018, NASDAQ delisted LBCC because it “believed that the Firm made a sequence of public statements designed to mislead traders and to reap the benefits of normal investor curiosity in bitcoin and blockchain expertise.” In an Administrative Order dated February 22, 2021, the U.S Securities and Change Fee revoked registration of LBCC’s shares. The Order famous that the corporate had did not file monetary studies for years. Thus ends one of many nice “blockchain” sagas.