Long Island Iced Tea changing name to Long Blockchain

The company is pivoting from tea to tech

Several other small US firms in recent weeks have reshaped their business models to capitalize on the craze for blockchain technology, which supports cryptocurrency.

It follows a similar move by a British company in October, when On-line Plc announced plans to change its name to On-line Blockchain Plc, sending its share price soaring 394pc - the biggest one-day gain for the small-cap company since its first listing in 1996.

Now it's known as the company whose stock price went through the roof the moment it associated itself with the cryptocurrency craze.

Though the company says it doesn't have any agreements in place, the company has switched its domain to http://www.longblockchain.com and the new site says Long Blockchain is in the "preliminary stages of evaluating specific opportunities".

Here's a great example of just how insane people are going for blockchain.




And two tiny penny stocks, tobacco company Rich Cigars and e-cigarette firm Vapetek, shot up after saying they were now blockchain companies too. It still plans to sell non-alcoholic ice teas and lemonades as a subsidiary but now says it will be mainly seeking to partner or invest with companies involved in blockchain technology and would like NASDAQ to change the company's trading symbol to reflect the new effort.

Here's the thing though. It's gotten more worrisome as more companies have changed their names.

Long Island Iced Tea added that it "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".

This morning the stock rose as high as $9.23, which are levels the company hasn't seen since 2016.

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