Share Rating Recap: Long Island Iced Tea Corp (LTEA)

Posted December 24, 2017

But earlier this week the company announced it was changing its name to Long Blockchain corp. and that it would "leverage the benefits of blockchain technology".

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.

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Up until this morning, Long Blockchain was a little-known company making non-alcoholic lemonades and ice teas. The combined business was subsequently renamed Long Island Brand Beverages.

Currently Long Island Iced Tea Corp (NASDAQ:LTEA)'s shares owned by insiders are 1.5%, whereas shares owned by institutional owners are 1.8%. For now, the company will just continue selling the beverages it usually sells. According to Business Insider, shares were trading at around $13 prior to the opening bell Thursday morning, representing a more than 400 percent rise from Wednesday.

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Long Island Iced Tea Corp's shares - which rose by as much as 432% at one point - appear to have spiked on the back of the name change alone, as Long Blockchain has not actually invested in or partnered with any firms involved in cryptocurrencies. It seems that the "dominos effect" is going to both crypto and non-crypto companies.

As reported by Bloomberg, there's also Nodechain Inc., formerly vaping firm Vapetek inc.; Intercontinental Technology Inc., whose old name was Rich Cigars; biotech company Bioptix Inc., which is now called RiotBlockchain; and Ping Shan Tea Group Limited, now named Blockchain Group Co Ltd. It recently had its shares suspended by the SEC, who cited concerns over accuracy and "potentially manipulative transactions".

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The effect on the company's stock price was nearly instantaneous. Long Blockchain so far has little to show for its aspirations.