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Using 'blockchain' in new name, company shares rise 500%

Using 'blockchain' in new name, company shares rise 500%

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.

"But it's also eerily similar to the internet stock craze in the late 1990s when several companies that weren't destined to become the next Amazon simply added a dotcom suffix or "e" prefix to their name and watched their stocks soar", Paul La Monica wrote. 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.

Some 15 years after the internet crash, Long Island Iced Tea Corp.

Blockchain is a digital ledger sheet where transactions in cryptocurrencies such as bitcoin are recorded.

In a press release, the company said it will continue to sell beverages, including a drink that's "disrupting [the] lemonade category", but its parent company is changing its name to Long Blockchain Corp. The combined business was subsequently renamed Long Island Brand Beverages.

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"Blockchain is the new iced tea, and also the new ".com".

It's unclear what actions, if any, the SEC would take for Long Blockchain, however.

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. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

The company's stock rose 289% following the news, marking an 18-month high for the company, according to Nasdaq.

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