Lengthy Blockchain, the previous beverage company-turned-blockchain agency, was hit with a subpoena from the SEC, in response to statements filed by the corporate on Wednesday.
Lengthy Blockchain is cooperating with the authorities regarding the matter, experiences from Bloomberg point out. In line with the corporate, which previously specialised in iced-tea drinks, the SEC filed the subpoena on July 10 in hopes of acquiring a collection of paperwork associated to the agency.
For the Nassau County-based firm, that is the following in a collection of woes which features a delisting of the corporate’s inventory by Nasdaq. Previously named Lengthy Island Iced Tea Corp., the corporate has seen its worth drop roughly $65 million since December. This leaves the corporate with a market worth of roughly $5 million.
Served Ice Chilly
The subpoena comes amidst one more re-branding effort by the agency. Lengthy Island Enterprise Information reported Tuesday that:
After rebranding from drinks to a blockchain firm, Lengthy Blockchain says it’s refocusing but once more and launching operations associated to present playing cards, in addition to naming a brand new CEO. The Farmingdale-based agency mentioned it has shaped a brand new subsidiary, Stran Loyalty Group, centered on offering loyalty, incentive, reward and present card packages to company and shopper manufacturers.
The corporate is inserting a excessive diploma of emphasis on these loyalty efforts in hopes of bolstering know-how and progress. That is in response to newly appointed CEO Andy Form, who boasts a quarter-decade of expertise in administration and advertising and marketing. Lengthy Island Enterprise Information additionally notes that “previous to forming Stran Promotional Options, he labored at Copithorne & Bellows Public Relations, a Porter Novelli firm, as an account govt masking the know-how trade.”
Strolling the Discuss
Regardless of setting an goal to “implement disruptive know-how options, together with distributed ledger know-how,” the agency additionally maintains that “the corporate has not taken any steps towards growing any such know-how and doesn’t make use of personnel with the related know-how experience.”