Long Island Iced Tea Company Rebrands, Changes Name

FARMINGDALE, NY - A Farmingdale-based company changed its name and had the price of shares increase by almost 200 percent in one day.

Long Island Iced Tea announced that it has changed to the Long Island Blockchain Corp last Friday.

The company changed the name in order to "shift its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology," according to a press release on the company website.

In addition, the morning of the announcement shares increased to $7.66, according to a report in Long Island Business News.

The company also intends to request Nasdaq to change its trading symbol in connection with the name change.

Long Island Blockchain will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary and maintain the focus of this business on the ready-to-drink segment of the beverage industry.

Image: Facebook.com/Long Island Iced Tea