Long Island Iced Tea adds blockchain to name, stock soars
22 December, 2017, 01:08 | Author: Valerie Burke
Several other small US firms in recent weeks have reshaped their business models to capitalize on the craze for blockchain technology, which supports cryptocurrency.
Now it's known as the company whose stock price went through the roof the moment it associated itself with the cryptocurrency craze.
Because "blockchain" is one of the hottest corporate buzzwords you can summon in 2017, Long Blockchain's stock "zoomed" almost 200 percent after the Thursday announcement.
The company now plans to focus on emerging opportunities in the blockchain industry. "Even when legitimate companies enter a hot, new sector, con artists nearly always follow suit", Gerri Walsh, FINRA's senior vice president for investor education, said in the statement.
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. CEO Philip Thomas in a statement.
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Despite the change in direction, Long Blockchain says it'll continue selling its series of iced teas and lemonades. Just change your name to something blockchain.
However, "The company does not have an agreement with any of these entities for a transaction, and there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated", the website says.
In other words, Long Island Iced Tea Corp. hopes to one day become a crypto powerhouse. It's the latest in a near-daily phenomenon sweeping the stock market, where obscure microcap companies reorient to focus on some aspect of the mania sparked by bitcoin's 1,600-per-cent rally this year.
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