Floundering Beverage Company Rebrands Around Blockchain and Its Stock Price Quintuples

Floundering Beverage Company Rebrands Around Blockchain and Its Stock Price Quintuples

Long Blockchain will focus on "the exploration of and investment in opportunities that leverage the benefits of blockchain technology", according to a statement from the company.

Want to increase company value on the open market? 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. Nasdaq did not immediately respond to a CNBC request for comment. Those opportunities, which as of now haven't turned into solid partnerships or agreements, include a blockchain infrastructure developer in financial services, a London-based foreign-exchange services provider developing blockchain and cryprocurrency technology for financial markets, and a smart-contract platform. As a result, "there's no action from the regulators".

The Farmingdale, N.Y., company's stock was up almost $193.3% at $7.16 in afternoon trading, moving the firm out of penny stock territory and making it latest company whose financial fortunes have been boosted by recent investor and consumer eagerness for all-things-cryptocurrency. "Even when legitimate companies enter a hot, new sector, con artists nearly always follow suit", Gerri Walsh, FINRA's senior vice president for investor education, said in the statement.




The commission published an investor bulletin in July warning investors about participating in initial coin offerings. It still plans to sell non-alcoholic ice teas and lemonades as a subsidiary but now says it will be mainly seeking to partner or invest with companies involved in blockchain technology and would like NASDAQ to change the company's trading symbol to reflect the new effort. Most of these moves, if not all, involve risky, small stocks that have little volume and fly under the radar of the typical investor. for good reason.

"It's a testament to greed", Arnuk said. Maybe things haven't gone as well as planned in the first half of the year, and a few tweaks need to be made to bolster profits in the second half. "Get your snark ready".

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