Long Island Iced Tea Corp (NASDAQ:LTEA) stock was soaring today on news of its rebranding.
The rebranding will have Long Island Iced Tea Corp switching its name to “Long Blockchain Corp.” The change is name will also have the company changing its focus. This will have it working toward “the exploration of and investment in opportunities that leverage the benefits of blockchain technology.”
Long Island Iced Tea Corp also notes that it is planning to contact NASDAQ to have its stock ticker changed to reflect the rebranding. However, the company has yet to reveal the ticker that will be replacing the current one for LTEA stock.
As part of its shift in focus, Long Island Iced Tea Corp says that it has a few investments and acquisitions it is looking into. This includes a software developer that can build a blockchain infrastructure for the financial services industry.
Long Island Iced Tea Corp also notes that it has an interest in a London-based provider of FX services that is already working on multiple blockchain and digital cryptocurrency technology solutions for the financial markets. The company says that a smart contract platform for creating decentralized applications is another of its interests with the rebranding.
Long Island Iced Tea Corp also points out that this shift in focus doesn’t mean it is leaving the drink business. The company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary following the change.
LTEA stock was up 180% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.