‘Lengthy Island Iced Tea’ micro-cap provides blockchain to call and inventory soars

Although it is named after the favored combined alcoholic drink it seems the corporate sells nonalcoholic iced teas, in accordance with its web site.

A 450 % achieve, the place it traded at one level within the premarket, for 9.76 million excellent shares, in accordance with FactSet, would nonetheless give the corporate a market worth of solely about $138 million, tiny by Wall Avenue requirements.

The corporate stated it “intends to request Nasdaq to alter its buying and selling image in reference to the identify change” and has already reserved the net area “www.longblockchain.com.” The brand new web site says the corporate is just in “preliminary levels” of evaluating and discussing potential partnerships, investments or acquisitions of companies involving blockchain expertise.

The U.S. Securities and Change Fee declined to remark. Nasdaq didn’t instantly reply to a CNBC request for remark. The corporate didn’t instantly return a name for remark.

“Ever since bitcoin and all of the cryptocurrencies turned, in my view, a bubble, the regulators didn’t take a stance on ‘is that this a safety?’” stated Sal Arnuk, co-founder of Themis Buying and selling. Because of this, “there is no motion from the regulators.”

The SEC has, nonetheless, stepped up its scrutiny of crypto-related markets exercise. The commission on Tuesday suspended trading in shares of The Crypto Co. till early January, partly as a consequence of considerations about potential inventory manipulation. The transfer follows temporary trading suspensions of three stocks in August as a consequence of questions concerning the corporations’ claims relating to investments in preliminary coin choices or different token-related information.

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