Iced Tea Company's Stock Soars 500% After Name Change

Long Island Iced Tea

The effect on the company's stock price was nearly instantaneous.

The stock closed yesterday at $2.46 per pop and skyrocketed to as much as $7.45 this morning after news broke of its name change.

Some 15 years after the internet crash, Long Island Iced Tea Corp. It had a market cap of $64.38 million.

Long Blockchain is just the latest in little-known micro cap stocks capitalizing on blockchain to spin heads on the trading floor, leaving some investors anxious about possible fraud and unmerited valuations. That puts total institutional holdings at 170,735 shares, according to SEC filings.

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 USA firm to tap into the frenzy surrounding crypto currencies. At the moment, the biggest moves in the market are being caused by news of shifts to the blockchain. The company said it had reserved the web domain longblockchain.com.

But there's a catch.

"The discussions are only in the preliminary stages but indicate the areas of focus for the company", it said "There is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

If you're the CEO of a struggling company right now and not drafting up a press release with the words "blockchain" and "crypto currency" then you're not even in the game. In fact, just two months ago, the company inked agreements to expand this business in Australasia and Europe.

In conjunction with the change in focus, the company canceled a planned share sale. Future FinTech shot up by more than 200 percent after traders noticed its name change (which it originally announced back in June) from "SkyPeople Fruit Juice". The stock grabbed 8 new institutional investments totaling 45,289 shares while 1 institutional investors sold out their entire positions totaling 1,200 shares. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

In an unrelated statement on Thursday, the US Financial Industry Regulatory Authority, a private industry body with regulatory power, warned about potential scams given the explosion of interest in bitcoin.

Related news:

Hot News

isis-killer-beheading-video-story-top State Health Officials Say Flu Widespread
Dec 22, 2017 - 01:12
Officials say increased flu activity began earlier than usual this season and they expect it to continue for several months. Stemmons Fwy and the children's vaccine is available at all Dallas County Health and Human Services immunization clinics.

isis-killer-beheading-video-story-top Christmas forecast for Kilkenny predicts balmy temperatures
Dec 22, 2017 - 01:10
Met Éireann have given their Christmas update and their thoughts on the possibility of a white Christmas. Forecaster Sarah Sammy, of The Weather Channel, said it would become chillier on Christmas Day .

isis-killer-beheading-video-story-top Apple admits to slowing iPhones to preserve device and battery
Dec 22, 2017 - 01:10
Apple will replace your battery for free if your phone is under warranty, according to The Verge . One solution to a slower, older iPhone would be to buy a new battery instead of a new phone .

isis-killer-beheading-video-story-top Justin Trudeau Is In Big Trouble After Violating Canada's Ethics Code
Dec 21, 2017 - 01:12
Going forward, Trudeau vowed to clear all family vacations with the ethics watchdog in advance in order to avoid conflicts. Trudeau and his family will go to the Prime Minister's official cottage at Harrington Lake and the Canadian Rockies.

isis-killer-beheading-video-story-top Hip Hop Icon Reggie Osse aka Combat Jack Dead At 48
Dec 21, 2017 - 01:11
New York-based radio host Peter Rosenberg , of Hot 97's Ebro In The Morning, took to Twitter to confirm Reggie's passing. The Brooklyn native once represented one of the biggest artists in hip hop including Jay-Z, Capone-N-Noreaga, and more.

isis-killer-beheading-video-story-top PUBG sells 1m in just 48 hours on Xbox One
Dec 21, 2017 - 01:10
We're at the start of the Game Preview and if you look at the videos during Pre-Alpha, the game was rough on PC then. A squad leader leaving a party also could disable party chat; that's been fixed as well.

isis-killer-beheading-video-story-top New York Islanders Arena Proposal Accepted for Belmont Park
Dec 21, 2017 - 01:10
The Islanders have been seeking an alternative to the Barclays Center , which became the team's home in the 2015-16 season. New York City FC , which now plays at Yankee Stadium, was also interested in the site, Bloomberg Sports reported Tuesday.

isis-killer-beheading-video-story-top Magic Leap comes out of stealth, announces Lightware AR headset for 2018
Dec 21, 2017 - 01:10
The system consists of a small external computer called a Lightpack, as well as a handheld controller in addition to the glasses. Magic Leap counts among its investors the Chinese e-commerce giant Alibaba Group Holding Ltd. and Alphabet Inc.'s Google .

isis-killer-beheading-video-story-top And 'The Voice' Season 13 victor is …
Dec 21, 2017 - 01:08
As Chloe Kohanski won The Voice USA final, mentor Blake Shelton became the most successful judge ever with a sixth win. After graduating high school, she went to college to become an English teacher but chose to join a blues band instead.

isis-killer-beheading-video-story-top House passes tax bill as Florida members vote party line
Dec 20, 2017 - 01:24
It would almost double the standard deduction to $24,000 for a married couple, and double the child tax credit to $2,000. Speaker Paul Ryan told reporters: "This is the greatest example of a promise being made and a promise being kept".

isis-killer-beheading-video-story-top John McCain returns to Arizona, will miss GOP tax vote
Dec 20, 2017 - 01:23
Expressing thanks to supporters, McCain's office said Sunday that he "looks forward to returning to Washington in January". The Senate already passed the tax bill once, but must do so again now that it has been joined with the House's version.

isis-killer-beheading-video-story-top Facebook can now find your face, even when it's not tagged
Dec 20, 2017 - 01:21
When photos and videos are uploaded to Facebook, they are compared to images in the template to determine if there is a match. The social network doesn't use facial-recognition technology in those regions, due to wariness from privacy regulators.

isis-killer-beheading-video-story-top The Pentagon's secret UFO programme
Dec 20, 2017 - 01:19
Bigelow told the Times that, "Internationally, we are the most backward country in the world on this issue". In an interview with the New York Times , Reid said he doesn't regret a thing about helping to start AATIP.

isis-killer-beheading-video-story-top Twitter starts enforcing new rules to combat hateful and abusive content
Dec 19, 2017 - 11:09
Some of the changes include permanently suspending accounts affiliated with groups that use violence to advance their cause. Golding and Fransen confirmed the suspensions on their own Facebook pages, but did not comment further.

isis-killer-beheading-video-story-top 'Multiple' deaths as train derails over Washington state highway
Dec 19, 2017 - 11:03
Denny Heck (D-WA) in a statement. "There was one person who was injured in our auto , and I was sent to go find help for them". The Amtrak train, with 82 passengers and crew, was on the first day of a new route in Washington State.