Long Island Iced Tea Corp changes name to Long Blockchain

Floundering Beverage Company Rebrands Around Blockchain and Its Stock Price Quintuples

Floundering Beverage Company Rebrands Around Blockchain and Its Stock Price Quintuples

Although it's quite a shift for a company used to making lemonade and other soft drinks, it seems to have made a big impact on speculators, with its market capitalisation rising from $23.8 million up to $92 million. Just change your name to something blockchain.

In a press release, Philip Thomas, the CEO of the NY company, assured folks they would still make drinks, stating the company was "incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and worldwide scale". At least, that worked for the Long Island Iced Tea Corp after changing its name to Long Blockchain Corp.

The more interesting fact is that according to the press, Long Blockchain Corporation does not now have a project or a partner involved in blockchain, but has already added the "Blockchain" word to its name.

In terms of Buy, Sell or Hold recommendations, Long Island Iced Tea Corp (NASDAQ:LTEA) has analysts' mean recommendation of 0.

It's official! $4999 iMac Pro is arriving on 14 December
Six months after it was first unveiled the WWDC , Apple has official announced the release date for the all-new iMac Pro . Additional specs include a 1080p front-facing camera, quad microphones, Bluetooth 4.2 and built-in 802.11ac Wi-Fi.

The new trend brings to mind the dot-com bubble of the late nineties, when companies tried to boost their stock price and encourage investment by adding.com to the end of their names.

Existing businesses, like Long Blockchain Corp., are leveraging their current reputations and assets to redirect focus on the blockchain market.

The company says it's "already in the preliminary stages of evaluating specific opportunities involving blockchain technology" and even goes onto say they're looking at buying an FCA-regulated FX broker. The stock exchanged hands 15.03 Million shares versus average trading capacity of 170.23 Million shares, yielding a market cap of $67.1 Million. The company could not be reached at this time and so far we have not heard back from the SEC for comment.

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