- Long Blockchain has announced its intention to sell its ready-to-drink tea business.
- Should the transaction close, the company will be entirely focused on its blockchain activities.
- Watch Long Blockchain trade live.
Long Blockchain, the iced-tea company that pivoted to blockchain, is going all-in on blockchain after announcing it has signed a letter of intent to sell its drinks business.
In an SEC filing dated March 6, the company said it had reached an agreement to sell its ready-to-drink tea business to ECC2 Ventures Corp., an entity listed in Canada, for a combination of cash and shares. As part of the potential transaction, ECC2 is seeking to raise $US2 million.
Long Blockchain, previously named Long Island Ice Tea Corp., announced its name change at the height of the crypto craze in December 2017, sending the stock soaring by over 400%. At the time of the announcement, the company said that it planned to partner or invest in companies that develop the decentralized ledgers known as blockchain.
Subsequently, the SEC announced an investigation into the company which has now been delisted by the Nasdaq and currently trades over the counter.
Over the last 12 months, the company’s stock is down 88%.
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