Iced tea company's stock shoots up after adding blockchain to its name
22 December, 2017, 01:23 | Author: Franklin Nunez
Long Blockchain is just the latest in little-known micro cap stocks capitalizing on blockchain to spin heads on the trading floor, leaving some investors anxious about possible fraud and unmerited valuations.
Since 2011, Long Island Iced Tea Corp., a little-known company based in Hicksville, New York, was best known for hawking ready-made iced teas and similar refreshing beverages. Moving forward, the company will be focused on the exploration and investment in opportunities associated with blockchain technology.
The company said it "intends to request Nasdaq to change its trading symbol in connection with the name change" and has already reserved the web domain "www.longblockchain.com". It will continue to operate there as a subsidiary.
Net Element (NETE) soared 17% to 22.70 after spiking to 33.51 intraday. It now trades up 126 percent over its pre-announcement value. In the past week alone, a gaming company in the United Kingdom, a Chinese fruit-juice company, and Miami-based mobile-payment company all saw their stock prices surge after announcing a new focus on blockchain and cryptocurrencies.
The Farmingdale, N.Y., company's stock was up almost $193.3% at $7.16 in afternoon trading, moving the firm out of penny stock territory and making it latest company whose financial fortunes have been boosted by recent investor and consumer eagerness for all-things-cryptocurrency.
Even though it's named after the popular mixed alcoholic drink it appears the company sells non-alcoholic iced teas, according to its website.
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It's unclear what actions, if any, the SEC would take for Long Blockchain, however. Shares plunged 19% on Thursday, but shares have more than quadrupled in value since October 4. Citron's founder, Andrew Left, told CNBC this week "there's nothing there".
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