After Nasdaq gave notice of discontinuance Friday, February 16th at Long Blockchain Corp. for a small market capitalization, the company, previously a brand of soft drinks, decided to make a last effort to preserve its activity of drinks of origin. According to a GlobeNewsWire press release on Tuesday, Feb. 20, Long Island Brand Beverages LLC (LIBB) is officially beating its parent company, Long Blockchain Corp. (LBCC).
The Nasdaq had threatened to write off the former Long Island Iced Tea Corp. in October 2017. The company is renamed Long Blockchain Corp. at the end of December 2017, recording an almost immediate 500% increase in share price, which allowed it to avoid Nasdaq.
Long Blockchain Corp. announced yesterday, in its press release, its intention to continue the complete split of the original brand of beverage by the second quarter of 2018. Although the name change of the company was ridiculed in the crypto community Buck, former CEO Philip Thomas said in the press release that he was part of the plan throughout:
“We were still planning to separate from our beverage business following our move to Blockchain technology and believe this is the right time to take such action. Shamyl has shown great initiative and leadership since joining the team, and his appointment as CEO and our planned spin-off will allow the Company to execute a clear and focused Blockchain strategy. ”
The press release announced that Shamyl Malik, a veteran of financial technology, will take the reins as the new CEO of Long Blockchain Corp to develop and invest in globally scalable blockchain technology solutions on the “chain”.
LIBB, now a wholly owned subsidiary of Long Blockchain, will dispose of Long Blockchain in the most appropriate manner: a “hard range” if you will, which will allow shareholders to claim LIBB shares and equal LBCC shares at the time of the rotation. of.
“The spin-off is expected to give shareholders the opportunity to take advantage of both the new Blockchain business of the Company and the value that LIBB’s continued growth will create.The shareholders will have the same percentage of LIBB as they do. currently hold in the Company, “said Philip Thomas.
LIBB is not the only company to change its name to include the word “Blockchain”, potentially as a stroke of PR. In January 2018, at the Securities Regulatory Institute, SEC Chairman Jay Clayton issued a specific warning to companies that follow suit, saying the SEC would increase control in such cases.