“This is not the first time the Long Island-based tea company has gotten in trouble recently. Indeed, Nasdaq previously threatened to delist the company. It appears its issues with the SEC this time have to do with its recent plans to restructure its business. The company founded a new subsidiary called Stran Loyalty Group, which plans to offer loyalty card, incentive and reward schemes.”A representative for the company has commented:
“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.”See the full article for yourself, here. Whilst this whole thing sounds to be totally illegal, it’s so interesting that simply by adding the word ‘blockchain’ to their company name, this group managed to encourage a 500% spike in the value of their stock. Even though it’s pretty clear this company have nothing to do with blockchain technology. The world blockchain is clearly more powerful than we first thought.