Longfin: Dives on news of SEC probe, going concern doubts

Longfin

03/04/2018 14:09

** Shares of Longfin Corp  LFIN.O  tumble ~26 pct premarket
after the blockchain company disclosed an SEC probe and raises
going concern doubts
    ** The SEC had asked for documents related to LFIN's IPO and
other financings and the acquisition of Ziddu.com, LFIN in a
filing late on Monday (https://bit.ly/2q1qhRG)
    ** LFIN also said there were substantial doubt about its
ability to continue as a going concern as that was dependant on
obtain financing and on profitable operations
    ** LFIN also identified several material weaknesses in its
controls over financial reporting, including lacking qualified
personnel who fully understand GAAP reporting requirement
    ** LFIN debuted in mid-Dec and surged to 28x its IPO price
in a few days, riding the cryptocurrency wave; at its premarket
price of $10.51, LFIN is still over double its IPO price of $5

 (Reporting by Savio D'Souza)
 ((RM:savio.dsouza.thomsonreuters.com@reuters.net))