Pivot to Blockchain Saves Iced-Tea Maker From Nasdaq Delisting
- Beverage maker dodges delisting after adding buzzword to name
- Biggest shareholder has ties to Heidi Klum and Kerry Kennedy
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For years, the owners of an unprofitable iced-tea company watched their stock tumble. Last month, they saw it almost triple in a day after a simple name change, and the timing couldn’t have been more convenient.
Long Island Iced Tea Corp., now called Long Blockchain Corp., received an ultimatum from Nasdaq in October, when the exchange threatened to delist it unless the market value rose above $35 million for 10 business days in a row. It achieved that on Friday, flaunting one of the hottest buzzwords of the year to get there.