Long Blockchain’s stock price is in free fall following the announcement that its shares are set to be delisted from the Nasdaq Stock Market.

Shares for the ex-beverage producer (LBCC) — formerly known as Long Island Iced Tea — closed at $1.10 on Wednesday, representing a single-day decline of 37 percent and an 88 percent plunge from their high-water mark in December. Long Blockchain shares had been trending down since the start of the year, owing to the fact that — like other firms that had made dubious pivots into the blockchain space — it has operated largely as a proxy stock for the cryptocurrency industry.

Reference: https://www.ccn.com/long-blockchain-stock-price-fizzles-as-ex-beverage-producer-faces-nasdaq-delisting/