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Iced Tea Company's Stock Price Triples after Rebranding to "Long Blockchain Corp".

Iced Tea Company's Stock Price Triples after Rebranding to

As of Wednesday, the company had a market value of just $23.8 million, but at one point in pre-market trading had 9.76 million outstanding shares, giving the company a market value of close to $138 million.

As a result of the change, the company has also cancelled its plans to sell shares, which it was going to do to recoup losses after merging with Cullen Agricultural Holding Corp. back in 2015. "The Company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary", it wrote. That name change would come with a shift in "its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology".

On the other hand the company has Relative Strength Index (RSI 14) of 90.72 along with Average True Range (ATR 14) of 0.74, Consequently Long Island Iced Tea Corp (NASDAQ:LTEA)'s weekly and monthly volatility is 20.53%, 14.03% respectively.

Though the company says it doesn't have any agreements in place, the company has switched its domain to http://www.longblockchain.com and the new site says Long Blockchain is in the "preliminary stages of evaluating specific opportunities".

Up until this morning, Long Blockchain was a little-known company making non-alcoholic lemonades and ice teas.

"But it's also eerily similar to the internet stock craze in the late 1990s when several companies that weren't destined to become the next Amazon simply added a dotcom suffix or "e" prefix to their name and watched their stocks soar", Paul La Monica wrote.

Right after the announcement, the share price of the company skyrocketed and increased by around 500%.

"We view advances in blockchain technology as a once-in-a-generation".

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