After opportunistic renaming, Nasdaq delisting, Long Blockchain goes full blockchain

Startups • March 7, 2019, 3:39PM EST
UPDATED: March 7, 2019, 3:59PM EST
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Long Blockchain, formerly known as Long Island Iced Tea, is getting out of the tea business and into blockchain.

The company announced in an SEC filing that it had reached an agreement to sell its ready-to-drink tea business to ECC Ventures 2 Corp for a combination of cash and shares. As part of the transaction, ECC Ventures 2 Corp is seeking to raise $2 million. 

Amid the 2017 crypto bull run, Long Island Iced Tea rebranded as Long Blockchain. This move sent the company's shares skyrocketing to as much as 289%. At the time of rebranding, Long Blockchain said it planned to invest and partner with companies in the blockchain ecosystem. Subsequently, the firm received a subpoena from the SEC and got delisted from Nasdaq after it failed to maintain the stock exchange's market capitalization requirements.

AUTHOR

Steven Zheng profile picture Steven Zheng

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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