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Iced Tea Company Changes Name to "Long Blockchain", Stock Immediately Skyrockets

Iced Tea Company Changes Name to

Long Island Ice Tea joins a whole raft of other companies moving their focus to fintech from non-tech-related businesses, including other drink-makers (SkyPeople Fruit Juice, Ping Shan Tea Group Limited), e-cigarette creators (Vapetek), sports bra manufacturers (Croe Inc.) and sofa retailers (Nova LifeStyle).

Amid the hype around the cryptocurrency market, an iced tea company has managed to triple its value after adding the word "Blockchain" to its name.

In a press release, Philip Thomas, the CEO of the NY company, assured folks they would still make drinks, stating the company was "incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and global scale".

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In what is the most 2017 thing ever, company shares soared by as much as 500 percent in pre-market trading this morning after the company announced the name change, settling back to about a 275 percent gain.

Watson filed the name change with the United States Securities and Exchange Commission on December 6 under Cullen Holdings, the parent company of the business.

The effect on the company's stock price was nearly instantaneous. The combined business was subsequently renamed Long Island Brand Beverages. But earlier this week the company announced it was changing its name to Long Blockchain corp. and that it would "leverage the benefits of blockchain technology".

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It's unclear what actions, if any, the SEC would take for Long Blockchain, however.

"We view advances in blockchain technology as a once-in-a-generation. We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector".

The company's stock rose 289% following the news, marking an 18-month high for the company, according to Nasdaq.

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