File this under: How to create shareholder value
Shares of Nasdaq-listed Long Island Iced Tea Corp are up 280% 625% in the pre-market after the company announced it was rebranding itself as Long Blockchain Corp.
In a press release, the company said it was "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology."
The company formerly operated in the ready-to-drink segment of the beverage industry. It will continue to operate there as a subsidiary.
The company says it's "already in the preliminary stages of evaluating specific opportunities involving blockchain technology" and even goes onto say they're looking at buying an FCA-regulated FX broker.
Here's how shares closed yesterday.
The shares are indicated up 625%. They are currently indicated at $15.24. Any guesses on how high they will close out the day?
If you're the CEO of a struggling company right now and not drafting up a press release with the words 'blockchain' and 'crypto currency' then you're not even in the game.
Last week, shares of 'Rich Cigards Ltd' rose 1600% on a pivot into crypto mining.
