Quincy, MA-based Stran Promotional Solutions (asi/337725) and parent company Long Blockchain Corp. (LBCC) have terminated their previously announced letter of intent for a reverse takeover.

Stran informed Long Blockchain of its decision not to move forward with the proposed transaction 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 LBCC focused on loyalty programs. In addition, Long Blockchain continues to operate its beverage subsidiary Long Island Brand Beverages until the completion of the previously announced sale of the business to ECC Ventures 2 Corp.

Originally named the Long Island Iced Tea Corp., the company rebranded in December 2017, shifting its primary focus from tea to cryptocurrency and blockchain services. As a result, the company’s stock skyrocketed nearly 300%, Quartz reported. Four months after the rebrand, LBCC was delisted from the Nasdaq stock market for failing to have market capitalization remain above $35 million for 10 business days in a row, a Nasdaq requirement. Nasdaq staffers also believed that LBCC misled investors and took advantage of general investor interest in bitcoin and blockchain technology, according to court records.

In July 2018, the U.S. Securities and Exchange Commission (SEC) launched an investigation into LBCC for insider trading and securities fraud connected to Long Island Iced Tea stock, according to court records.