Watson, whose fortune was estimated at $420 million in the National Business Review Rich List this year, entered into an agreement in early 2015 to merge his USA dairy farming venture Cullen Agricultural with the Long Island Iced Tea corp. The company will also continue its "ready-to-drink segment" of the business.
Shares in a tiny U.S. soft drinks firm, Long Island Iced Tea Corp, have quadruple in value in just one day after it changed its name to Long Blockchain Corporation, the latest move by a string of obscure companies rebranding themselves in an attempt to ride the bitcoin bubble.
Long Blockchain Corp.is still in development, but is expected to pursue opportunities including building blockchain infrastructure or software for financial services. The company said it had reserved the web domain longblockchain.com. But that all changed on Tuesday morning, when the company announced in a press release that it would rebrand as a blockchain-technology company.
The effect on the company's stock price was nearly instantaneous. The result? A 500 percent stock price increase in pre-market trading yesterday.
Indiana's November jobless rate declines to 3.7 percent
The state has now added jobs in three consecutive months, after several months of alternating job losses and gains. The statewide unemployment rate is down from 4.9 percent in November 2016.
Long Island Iced Tea Corp (NASDAQ:LTEA) 52-week high price stands at $6.68 and low price stands at $1.70, its price distance from 52-week high is 3.41% while its distance from 52-week low price is 306.47%.
It's unclear what actions, if any, the SEC would take for Long Blockchain, however.
It follows a similar move by a British company in October, when On-line Plc announced plans to change its name to On-line Blockchain Plc, sending its share price soaring 394 per cent - the biggest one-day gain for the small-cap company since its first listing in 1996. Yes, the iced-tea company had formally pivoted to blockchain.
Is your company having a hard time?