On the tenth of April, Long Blockchain Corp. uncovered that it had gotten a “delisting assurance letter from the Hearings Panel of The Nasdaq Stock Market LLC identifying with the organization’s commonl stock.”
Long Blockchain Corp. had been informed on the fifteenth of February by the Staff of Nasdaq’s Listing Qualifications Department that a “determin[ation] to delist the organization’s securities” had been made. The organization appealed the assurance, with a hearing having happened on the 22nd of March.
The Hearings Panel upholded the delisting assurance, with Long Blockchain Corps’ offers planned to be “suspended on the Nasdaq Capital Market at the opening of business on April 12, 2018.”
The organization has expressed its goal to “apply for its common stock to be quoted and exchanged on the OTCQB Market.” Long Blockchain Corp’s stock will likewise “be qualified for exchanging and quotation on the Pink Current Information level worked by the OTC Markets Group Inc.”
The organization has likewise expressed that the assignment to “the over-the-counter market does not decrease the focal point of its efforts to become a pioneer in blockchain innovation.”
The pattern of organizations declaring adorned or false connections to the blockchain segment has likewise struck China’s business sectors, with China Money Network revealing that “Over 20 recorded organizations have been addressed by the Shenzhen and Shanghai exchanges about their suspicious speculation on blockchain.” The practice incited Shenzhen Exchange to dispatch an examination concerning organizations announcing questionable associations with blockchain and digital currency innovation.
In spite of setting off a speedy draw in the share price of a few organizations, the practice of organizations endeavoring to develop an overstated or fake relationship with blockchain technology has brought about little more than an increase in the investigation and doubt with which the standard markets treat publicly listed crypto organizations.