LongFin Corp: Tumbles after Russell exclusion from indexes

Longfin

27/03/2018 14:16

(Updates to add removal from Russell index)
    ** Shares of blockchain company LongFin  LFIN.O  down 24.5
pct at $44.76 premarket, after FTSE Russell says company will be
removed from Russell Indexes after the close on March 28
    ** FTSE Russell had included company as an IPO addition in
Russell 2000  .RUT  index at March quarterly update
    ** LongFin failed to reach minimum 5 pct free float
requirement, FTSE Russell determined as reason for exclusion
    ** For Russell statement on LongFin, see: https://bit.ly/2pFkCkT
 
    ** LongFin shares had risen more than 97 pct from Russell
announcement date on Feb 28 through March 23
    ** Shares dropped 16.6 pct on Monday after a tweet from
short-seller Citron Research and speculation company was
ineligible for Russell inclusion
    ** Stock is among top pct losers on the Nasdaq
    ** LongFin among companies that jumped astronomically on the
cryptocurrency wave late last year
    ** Bitcoin  BTC=BTSP  trading down ~3 pct at $7909.49 on the
Luxembourg-based Bitstamp exchange

 (Reporting by Chuck Mikolajczak, addiotional reporting by
Nikhil Subba in Bengaluru)
 ((charles.mikolajczak@tr.com; @ChuckMik; +1 646 223 5234;
Reuters Messaging:
charles.mikolajczak.thomsonreuters.com@reuters.net))