As a result of the prevailing prosecutor enforcement by the Securities and Exchange Commission (SEC) for allegations of illegal distributions and sales of restricted shares, Longfin Corp. is supposedly forced to delist from NASDAQ.

Longfin raised capital using the Reg A+ crowdfunding exemption in 2017. Soon after the offering, Longfin shares listed on NASDAQ trading under the symbol “LFIN.” Soon after the listing, later on the firm announced the acquisition of the Blockchain based ‘Ziddu’. The company that apparently would provide micro-finance lending backed by an initial coin offering. This development triggered the share price of Longfin to spike off melodramatically, subsequently caught the attention of the SEC.

The SEC initially discovered a freeze of over $27 million in trading proceeds though supposedly illegal proceeds and sales of shares of Longfin involving the company, its CEO, and three other affiliated individuals in April. A federal judge unsealed the SEC’s complaint while shares in Longfin were halted.

Longfin likely to file a Form 25 with the SEC on May 14, 2018, so the delisting would be effective 10 days after the filing, consequently, the last day of trading on NASDAQ of its Class A Common Stock would be on May 14, 2018. The Company reckons that its Class A Common Stock would be eligible for quotation on the OTC Market following its delisting from the Nasdaq Stock Market.

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