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

Saul Bowman
December 24, 2017

Long Blockchain has been making non-alcoholic lemonades and ice teas, and as of Wednesday had a market value of $23.98 million. The company will also continue its "ready-to-drink segment" of the business.

According to the Telegraph, the company says it will change its name to Long Blockchain Corp because its parent company, Cullen Holdings, is shifting its corporate focus towards the "exploration of and investment in opportunities that leverage the benefits of blockchain technology".

Long Blockchain isn't actually offering Blockchain services yet, and Ars reports it's looking to partner with other companies to do so. There have been a number of companies that made a similar pivot to try to catch the crypto wave, including a different beverage company.

Long Island Iced Tea Corp (NASDAQ:LTEA) 52-week high price stands at $6.68 and low price stands at $1.70, its price distance from 52-week high is 3.41% while its distance from 52-week low price is 306.47%.

Today's cryptocurrency market plunge has ensnared the prices of several publicly-traded companies that in recent days have sought to tout their work with cryptocurrencies and blockchain.

Long Island, for example, dropped more than 18 percent at the market open this morning, Yahoo!

During the internet bubble, some companies were able to boost their stock prices simply by inserting a "dot-com" in their names or, virtually overnight, refashioning themselves as e-commerce companies. Long Blockchain so far has little to show for its aspirations.

After announcing the re-brand, the company's shares rose by a whopping 300% as investors backed the opportunity. "We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector".

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