Iced Tea Company's Stock Price Triples after Rebranding to "Long Blockchain Corp".

Adjust Comment Print

The effect on the company's stock price was nearly instantaneous.

A blockchain is public ledger secured using cryptography that enables digital currency transactions.

As part of the company's pivot to blockchain, a previously filed offering with the Securities and Exchange Commission for up to US$10 million in stock was withdrawn.

On Oct. 4, a biotech-oriented company called Bioptix - whose business included a license to develop and eventually sell hormone products for cattle and other animals - said it was changing its name to Riot Blockchain (RIOT), with the intent of investing in the blockchain space.

LongFin, a financial tech firm that recently went public, has skyrocketed after announcing that it bought a blockchain microlender.

Yorkers may wake up to snow Christmas morning
Sunday, Christmas Eve , will likely be quiet weather-wise, but another storm is forecast on Christmas Day . It looks like some snow begins to mix in Saturday night before this system finally pulls off the coast.

The small business, which produces a range of soft drinks on Long Island, said it was still going to continue making the iced tea based drinks but was "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology". It didn't say what the new symbol would be.

Here's the thing though.

Long Island Ice Tea Corporation is now Long Blockchain Corporation, Ars Technica reports. It's gotten more worrisome as more companies have changed their names.

"The discussions are only in the preliminary stages but indicate the areas of focus for the company", it said "There is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated". As of Wednesday, the company had a market value of just $23.8 million, but at one point in pre-market trading had 9.76 million outstanding shares, giving the company a market value of close to $138 million.

You might also be interested in.