Nasdaq Exchange to Delist Long Blockchain Stock

Nasdaq will delist the shares of Long Blockchain on Thursday, a move that comes months after the company's price soared following a name change and pivot to blockchain.

Long Blockchain warned back in February that it planned to appeal a decision to delist the stock, a process that ultimately proved unsuccessful, according to new statements.

"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.".

Long Blockchain did not respond to requests for comment.

In February, Long Blockchain revealed that it was at risk of being delisted - the second such occurrence for the firm, given that it faced similar warnings from Nasdaq in October.

Subsequent disclosures revealed that Nasdaq staffers believed Long Blockchain wasn't being forthright with investors - a determination the company sharply disputed in the same letter, published in February.

"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 at the time.

According to Tuesday's statement, Long Blockchain plans to continue pressing ahead with its plans, including a previously announced acquisition of a U.K.-based company.

"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 added.

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