SEC had issued a subpoena to a newly beverage to blockchain renamed company

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A beverage company from Long Island New York that hadchanged its name and had turned to blockchain now called Long Blockchain Corp. has been issued a subpoena by the Securities and Exchange Commision (SEC).

The company has stated that the subpoena has been from an early date on July 10 that had requested them to provide certain type of documents. The company has decided not to issue any additional statements other than stating the following:

“The company is fully cooperating with the SEC’s investigation. The company cannot predict or determine whether any proceeding may be instituted by the SEC in connection with the subpoena or the outcome of any proceeding that may be instituted.”

Just yesterday the company had made an announcement about the change in their business view shifting it to loyalty program scheme that will be executed by their new subsidiary Stran Loyalty Group.

Andy Shape, the new CEO has issued a press release stating:

“Creating stronger loyalty with customers who are engaged in loyalty programs through advancements in technology is the key to future growth and massive scalability.”

In January of this year the company had changed its name from Long Island Iced Tea to Long Blockchain Corp. joining the blockchain industry. This change had moved their stock price upwards resulting in a 500% increase. They will be offering 1.6 million shares at a price of 5.25 dollars per share and a future plans to move the business into Bitcoin mining.