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.