Shares of The Long Island Iced Tea Corporation soared as much as 432% pre-market Thursday morning after the company said it would change it’s name to Long Blockchain Corp.
The company will continue to sell its line of bottled drinks based on the eponymous cocktail, it said, but its parent company “is shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology,” according to a press release.
Shares were trading near $US13 – or roughly 433% above Wednesday’s closing price – prior to Thursday’s opening bell.
This pivot to blockchain is the latest in a trend of companies rebranding, refocusing, or announcing new efforts related to blockchain and cryptocurrencies, sending their stock through the roof.
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