Pivot to Blockchain Saves Iced-Tea Maker From Nasdaq Delisting [Bloomberg Business News]
LONG BLOCKCHAIN CORP COMMON (LBCC)
US:NASDAQ Investor Relations:
investors.longislandicedtea.com
Company Research
Source: Bloomberg Business News
For years, the owners of an unprofitable iced-tea company watched their stock tumble. Last month, they saw it almost triple in a day after a simple name change, and the timing couldn’t have been more convenient. Long Island Iced Tea Corp., now called Long Blockchain Corp. , received an ultimatum from Nasdaq in October, when the exchange threatened to delist it unless the market value rose above $35 million for 10 business days in a row. It achieved that on Friday, flaunting one of the hottest buzzwords of the year to get there. When the Farmingdale, New York-based beverage business changed its name on Dec. 21, its market capitalization soared to almost $70 million. It has stayed above the $35 million threshold since then. The shares closed at $5.04 on Friday, the same day the company said it was buying 1,000 bitcoin-mining machines and offering as many as 1.6 million shares. The purchase may not go through if Long Blockchain doesn’t get enough funding, it sa
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