Long Island Iced Tea to rebrand as ‘Long Blockchain Corp.’
Long Island Iced Tea Corp. (LTEA) announced that the parent company is shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology.
In connection with the shift in strategic direction, the company has approved changing its name from “Long Island Iced Tea Corp.” to “Long Blockchain Corp.” and has reserved the web domain www.longblockchain.com.
The company intends to request Nasdaq to change its trading symbol in connection with the name change.
The company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary and maintain the focus of this business on the ready-to-drink segment of the beverage industry, specifically, premium, ‘better-for-you’ brands marketed at an affordable price.
In conjunction with the shift in business strategy, the company has submitted a request to the SEC to withdraw its previously filed S-1 registration statement relating to a proposed underwritten public offering, which was filed on November 11, Long Island noted.
LTEA closed at $2.44. It last traded at $12.05 in pre-market trading. This seems to be the bubble mentality at its worse!
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