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24 December 2017, 12:55 | Katrina Lee
Floundering Beverage Company Rebrands Around Blockchain and Its Stock Price Quintuples
(LTEA) on Thursday saw its shares jump more than 200 percent, to $7.66, after saying it plans to focus on blockchain and is changing its name to Long Blockchain Corp. But that all changed on Tuesday morning, when the company announced in a press release that it would rebrand as a blockchain-technology company. The combined business was subsequently renamed Long Island Brand Beverages.
Though the company says it doesn't have any agreements in place, the company has switched its domain to http://www.longblockchain.com and the new site says Long Blockchain is in the "preliminary stages of evaluating specific opportunities".
Watson filed the name change with the United States Securities and Exchange Commission on December 6 under Cullen Holdings, the parent company of the business.
Long Island Iced Tea Corp's shares - which rose by as much as 432% at one point - appear to have spiked on the back of the name change alone, as Long Blockchain has not actually invested in or partnered with any firms involved in cryptocurrencies.
Now it's known as the company whose stock price went through the roof the moment it associated itself with the cryptocurrency craze.
Long Blockchain is just the latest in little-known micro cap stocks capitalizing on blockchain to spin heads on the trading floor, leaving some investors anxious about possible fraud and unmerited valuations. The company will also continue its "ready-to-drink segment" of the business. The result? A 500 percent stock price increase in pre-market trading yesterday.
"We view advances in blockchain technology as a once-in-a-generation". It recently had its shares suspended by the SEC, who cited concerns over accuracy and "potentially manipulative transactions". "We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector".
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