Companies' shares soar after adding 'Blockchain' to their names

Chelsea West
December 22, 2017

The company said Thursday that it plans to ask the Nasdaq to change its trading symbol from its current "LTEA", but didn't disclose what it wants the symbol changed to.

While it's clear that blockchain technology is important and that bitcoin and other cryptocurrencies like ethereum, litecoin and ripple are not going away, there is now too much hype surrounding bitcoin and blockchain.

Okay, so maybe it's not that easy, but it sure seemed so for the Long Island Iced Tea Corp.

Short-seller Citron Research on Monday said it had taken a short position on Riot Blockchain, and challenged the company's CEO, John O'Rourke, to a live debate on CNBC.

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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. Long Island Iced Tea is not even the first soft drinks company to also do so.

Long Island Iced Tea added that it "does not have an agreement with any of these entities for a transaction and there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated". "We are pursuing our new direction in a thoughtful and deliberate manner". Those opportunities, which as of now haven't turned into solid partnerships or agreements, include a blockchain infrastructure developer in financial services, a London-based foreign-exchange services provider developing blockchain and cryprocurrency technology for financial markets, and a smart-contract platform.

"Your support over the years has helped to drive our growth and elevate our brand, and we remain committed to maintaining and fostering these relationships", he said.

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