Long Blockchain Corp. cancelled the acquisition of Stran & Company, Inc.
February 17, 2020
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Long Blockchain Corp. (OTCPK:LBCC) entered into a non-binding letter of intent to acquire Stran & Company, Inc. on October 28, 2019. The letter of intent contemplates an all-stock transaction pursuant to which Long Blockchain would form a wholly-owned subsidiary which would merge with and into Stran, with Stran surviving as a subsidiary of Long Blockchain and as the primary operating business. Long Blockchain would be renamed and its Board of Directors would be restructured once the transaction is completed. Andy Shape would remain Chief Executive Officer and a Director of the combined group. The deal is subject to executing a definitive agreement relating to the acquisition and the satisfaction or waiver of the closing conditions to be included in such agreement, which are expected to include the conclusion of the sale of Long Blockchain's beverage subsidiary. Long Blockchain has formed a special committee to negotiate the terms of the merger and this special committee has engaged an independent third-party to provide a fairness opinion on the transaction. The transaction is expected to close in the fourth quarter of 2019.
Long Blockchain Corp. (OTCPK:LBCC) cancelled the acquisition of Stran & Company, Inc. on February 18, 2020. Stran's decision to not move forward with the proposed transaction came after it became apparent that both sides would be unable to satisfy all necessary closing conditions in a reasonable amount of time. Long Blockchain will continue to operate Stran Loyalty Group, an ongoing collaboration between Stran and Long Blockchain.
Stran & Company, Inc. is a provider of outsourced marketing solutions. The Company purchases products and branding through various third-party manufacturers and decorators and resells the finished goods to customers. It offers its clients custom sourcing capabilities and a flexible and customizable e-commerce solution for promoting branded merchandise and other promotional products, managing promotional loyalty and incentives, print collateral, and event assets, order and inventory management, and designing and hosting online retail popup shops, fixed public retail online stores, and online business-to-business service offerings. It also offers creative and merchandising services; warehousing/fulfillment and distribution; print-on-demand; kitting; point of sale displays; and loyalty and incentive programs. It serves a diversified customer base across many industry verticals, including pharmaceutical and healthcare, manufacturing, technology, finance, construction and consumer goods.
STRAN & COMPANY, INC. 
