Long Island Iced Tea Corp?s Shares Skyrocket After Renaming Itself ?Long Blockchain Corp?
 

(Reuters) - Beverage maker Long Island Iced Tea Corp?s <LTEA.O> shares jumped 300 percent after the company said it would rebrand itself Long Blockchain Corp, the latest obscure U.S. firm to tap into the frenzy surrounding crypto currencies.

Long Island Ice Tea said it was shifting its primary business strategy to blockchain technology and was in the preliminary stages of evaluating specific opportunities to grow that business.

The company said it would still continue to operate its beverage business, under which it sells Long Island iced tea and Long Island lemonade.

The surge in the company?s stock price lifted its market capitalization to $92 million from $23.8 million as of Wednesday?s close.

Several other small U.S. firms in recent weeks have reshaped their business models to capitalize on the craze for blockchain technology, which supports cryptocurrency.

Earlier in the day, furniture maker Nova Lifestyle?s shares <NVFY.O> also jumped after it said it would create a unit focusing on blockchain. Diagnostic company Bioptix?s shares soared 400 percent after it changed its name to Riot Blockchain <RIOT.O> in October.


https://www.huffingtonpost.com/entry...b0b0e5a7a07052

This is so surreal I initially thought it was satire. A chilled drinks company pivoting to a tech buzzword?

Why not? Lots of busness owners are entrepreneur types who can do very different kind of businesses. Not sayn this is necessary the case, just it should not surprise anyone even a bit.

On the other hand usually that business owner simply start a separate LLC for that different business. But I guess your shares would not skyrocket if you opened that second LLC from zero. :winkwink:

18 month bump

As well as their market cap falling to levels lower than before their rebrand, they were issued a subpoena by the SEC, and pivoted their business model (again) to loyalty program schemes. :1orglaugh

https://finance.yahoo.com/quote/LBCC/

https://cointelegraph.com/news/forme...poena-from-sec

They can't seem to make up their mind what they're doing. Only 4 days after announcing a public offering, they announce they're not going ahead with it. And less than a month after announcing a mining farm, they announce they're not going ahead with it.


January 05, 2018

- Long Blockchain Corp. Enters into Agreement to Acquire 1,000 Bitcoin Mining Machines Manufactured by Bitmain

- Long Blockchain Corp. Announces Public Offering of Common Stock


January 09, 2018

- Long Blockchain Corp. Not Proceeding with Previously Announced Public Offering of Common Stock, Purchase of 1,000 Bitcoin Mining Machines Remains Unchanged


February 02, 2018

- Long Blockchain Corp. Determines Not to Purchase Bitcoin Mining Equipment, Remains Committed to Proposed Merger with Stater Blockchain in Developing Blockchain Solutions for the Global Financial Markets