On Thursday, Long Island Iced Tea Corp (NASDAQ: LTEA) announced their name change to Long Blockchain Corp in a focus towards a deeper exploration and investment in opportunities and benefits that blockchain technology can bring to the company. Following this announcement, shares spiked more than 200% with a previous market value of about $23.8 million and a $5 million in total sales profit. At one point in the premarket, 450% was traded for 9.76 million outstanding shares which gives the company a market value of about $138 million. The company plans to request Nasdaq to change their trading symbol and already reserved the web domain, “www.longblockchain.com”. This new website is aimed to evaluate and discuss possible partnerships, investments, as well as acquisitions of firms involving blockchain technology.
The “Long Blockchain Corp” still intends to sell their iced tea and other juice beverages. With this announcement, the company can definitely see an increase in value and profit due to the speculation surrounding bitcoin.
Philip Thomas, Chief Executive Officer of the Company, commented, “We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry. We are committed to enhancing shareholder value and believe that our new focus is the best path towards this goal. We will, in the coming weeks and months, be taking a series of steps related to our efforts to assemble a world-class team of industry professionals to help us realize this vision. We are pursuing our new direction in a thoughtful and deliberate manner.”