FARMINGDALE, N.Y. (AP) -- Long Island Iced Tea Corp. is changing its name to Long Blockchain Corp., as it wants to focus more on blockchain technology.
Blockchain is a ledger sheet where cryptocurrency transactions are recorded.
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. It will continue to run Long Island Brand Beverages LLC, which concentrates on the ready-to-drink segment of the beverage industry.
Shares jumped more than 200 percent to $7.66 in morning trading. Over the past year, shares have traded between $1.70 and $9.49.
In conjunction with the shift in business strategy, the Company has submitted a request to the Securities and Exchange Commission to withdraw its previously filed S-1 registration statement relating to a proposed underwritten public offering, which was filed on November 11, 2017.
The Company is already in the preliminary stages of evaluating specific opportunities involving blockchain technology. The discussions are only in the preliminary stages but indicate the areas of focus for the Company. These opportunities include potential partnerships, investments or acquisitions involving:
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- A blockchain software developer building blockchain infrastructure for the financial services industry
- A London-based FCA regulated, institutional provider of FX services that is building multiple blockchain and digital crypto currency technology solutions for global financial markets
- A new smart contract platform for building decentralized applications that provides scalability beyond currently available options
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