Fruit Juice Company Turns Fintech Aspirant and Stock TriplesBy
Tales of companies rebranding to cash in on the crypto craze have reached a fever pitch.
On the same day that the Securities and Exchange Commission suspended shares in a former sports bra maker that pivoted into cryptocurrency trading, an erstwhile juicemaker from Hong Kong saw a Twitter mention send its stock soaring.
Future FinTech Group Inc. -- until May known as SkyPeople Juice International Holding --soared more than 215 percent after a CNBC anchor called attention to its business. The stock was up 9 percent at the time of the tweet, only to take off in what has become the norm in stocks that merely mention “fintech” or “crypto” in their names.
Hong Kong-based Future FinTech didn’t immediately respond to a message seeking comment outside office hours.
— With assistance by Lily Katz