Once upon a time there was a company called the Long Island Iced Tea Corp. Then, in December, it changed its name to Long Blockchain.
“Long Island Iced Tea” is an alcoholic drink featuring vodka, tequila, light rum, triple sec, gin and just enough cola to color it to fool you into thinking it’s iced tea.
Likewise, Long Blockchain has nothing to do with blockchain, although putting that in the company’s name might be why its market cap rose to nearly $70 million in December.
But now it has a headache in the form of a Securities and Exchange Commission subpoena asking for certain documents, the SEC said in a regulatory filing. According to Bloomberg, further details were not disclosed. The subpoena was dated July 10 and the Farmingdale, N.Y., company said it is cooperating.
The subpoena comes after Nasdaq said it is in the process of delisting Long Blockchain. According to Bloomberg, the beverage company now has a market value of less than $5 million.
Sounds like someone could use a stiff drink. Read more here.