The Iced Tea Company That Pivoted To Blockchain Is Spinning Off Its Beverage Business As It Once Again Risks Being Delisted (lbc

Markets Insider Long Blockchain, formerly known as Long Island Iced Tea, received a second de-listing warning from Nasdaq for failing to maintain a market cap of $35 million. The company on Tuesday announced a new CEO and plans to spin off its original iced tea business. According to the company's balance sheets, it has no income or assets related to blockchain or cryptocurrency. Long Blockchain, the iced tea company that saved itself from being kicked of the Nasdaq stock exchange by pivoting to blockchain, has a new CEO, as it once again faces a risk of being delisted. On Tuesday, the company announced that Shamyl Malik, who previously ran the firm's blockchain efforts, will take over as CEO.