Long Island Iced Tea changing name to Long Blockchain

Floundering Beverage Company Rebrands Around Blockchain and Its Stock Price Quintuples

Long Island Ice Tea Corporation is now Long Blockchain Corporation, Ars Technica reports.

The company formerly operated in the ready-to-drink segment of the beverage industry. Each of these companies' shares have experienced a significant boost after changing their name and announcing their shift. The Long Island Iced Tea Corp., which is a beverage company, changed its name to the Long Blockchain Corp. and expressed their hope to get around partner companies that invest in blockchain, the technology behind bitcoin.

Watson filed the name change with the United States Securities and Exchange Commission on December 6 under Cullen Holdings, the parent company of the business.




"But it's also eerily similar to the internet stock craze in the late 1990s when several companies that weren't destined to become the next Amazon simply added a dotcom suffix or "e" prefix to their name and watched their stocks soar", Paul La Monica wrote. It has also registered the new web domain www.longblockchain.com.

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. Indeed, its decline is a notable development given that the price jumped sharply from $36.76 to $142.82 after it announced that it had acquired a company said to be focused on blockchain development. The company could not be reached at this time and so far we have not heard back from the SEC for comment.

Nasdaq has been investigating the possibility of creating distributed ledgers for private company share registers, while the Australian Stock Exchange is testing whether blockchain could be used to replace its existing clearing and settlement systems.

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