Using 'blockchain' in new name, company shares rise 500%

Long Island Iced Tea Corp changes name to Long Blockchain Corp, sees shares rise 500%

@anthony256

Published Fri, Dec 22 2017 8:52 PM CST | Updated Sat, Aug 8 2020 10:29 AM CDT

It seems that by simply changing your business name with something crypto-related results in your share prices rising just like crypto prices: by 500%.

Using 'blockchain' in new name, company shares rise 500% | TweakTown.com

Long Island Iced Tea Corp changed their name to Long Blockchain Corp, seeing their pre-market trading prices rise by a huge 500% before stabilizing to a 275% gain. Long Blockchain has been making non-alcoholic lemonades and ice teas, and as of Wednesday had a market value of $23.98 million.

The company peaked at a point of pre-market trading with 9.76 million outstanding shares, seeing the company with a market value of a much larger $138 million... all due to a name change that involved blockchain, because you know... drinks are like crypto, I guess.

NEWS SOURCE:techcrunch.com

Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.