24 December, 2017
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. The company will also continue its "ready-to-drink segment" of the business.
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.
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.
On Thursday, the company officially became a different company, changing its name to Long Blockchain Corp.
The developments are a notable one, given that the past days have seen numerous reports about little-known firms - some of which specialized in the sale of, say, iced tea or electronic trading tools - that see their stock prices jump virtually overnight once they announce that they are moving to develop products or services around the tech.More news: Liverpool hold Arsenal to 3-3 draw
Long Blockchain plans to follow in a similar path.
This is 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 1600 per cent rally this year.
"Blockchain is the new iced tea, and also the new ".com". Long Blockchain so far has little to show for its aspirations.
Philip Thomas, Long Island Ice Tea Corp's chief executive, said: "We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry".