Wednesday, 17 January, 2018

Iced Tea Company's Stock Price Triples after Rebranding to "Long Blockchain Corp".

Iced Tea Company's Stock Price Triples after Rebranding to Iced Tea Company's Stock Price Triples after Rebranding to "Long Blockchain Corp".
Heather Davidson | 22 December, 2017, 01:19

For the quarter, shares are performing at 1.67%.

Long Island Iced Tea had a net loss of $US3.9 million on sales of $US1.6 million in the three months ended September 30. But that all changed on Tuesday morning, when the company announced in a press release that it would rebrand as a blockchain-technology company. The SEC declined to discuss the company, and a spokesman for Nasdaq, the financial exchange that lists the firm's shares, could not immediately be reached.

"Ever since bitcoin and all the cryptocurrencies became, in my opinion, a bubble, the regulators did not take a stance on 'is this a security?'" said Sal Arnuk, co-founder of Themis Trading.

The SEC has, however, stepped up its scrutiny of crypto-related markets activity. "Even when legitimate companies enter a hot, new sector, con artists nearly always follow suit", Gerri Walsh, FINRA's senior vice president for investor education, said in the statement.

This week shares in a company formerly known as SkyPeople Fruit Juice jumped by more than 200% after a popular TV finance reporter pointed out that it had changed its name to Future FinTech and said its future lay in bitcoin technology.

The commission published an investor bulletin in July warning investors about participating in initial coin offerings. "If you choose to invest in these products, please ask questions and demand clear answers", he said.

Long Island Iced Tea is just the latest small company to change its business model in an attempt to latch on to the bitcoin and cryptocurrency wave. This gauge is crucial in determining whether investors are moved toward the direction of buying more of the stock, or else doing the contradictory side and selling more of the stock.

Amazingly, this is already the second case of a company that sells beverages to see a pop in value because of speculation surrounding bitcoin. "For speculators today, the game is bitcoin". Maybe things haven't gone as well as planned in the first half of the year, and a few tweaks need to be made to bolster profits in the second half.

"There's going to be more".

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