The U.S. Securities and Exchange Commission (SEC) says it has revoked the registered securities of Long Blockchain Corp (LBCC) after the company failed to file annual reports since Dec. 31, 2017. In addition, the SEC says LBCC, which made the switch from soft drink production to activities related to blockchain technology in December 2017, is also “delinquent in filing quarterly reports.”

Non-Existent Blockchain Business

In a document that reveals the proceedings against LBCC, the SEC, which cites the Securities Exchange Act of 1934, says its decision (to revoke securities) is intended to protect investors. The SEC adds that an investigation had found that after the name change from Long Island Iced Tea Corp to LBCC, the listed company’s “blockchain business never became operational.”

Meanwhile, concerning the status of LBCC’s common stock, the SEC said the following:

The common stock of LBCC was registered under Section 12(b) of…

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Source: https://news.bitcoin.com/the-us-sec-revokes-registration-of-long-blockchain-corps-securities/