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Long Island Tea Company Goes All in on Blockchain, Sells its Ready-to-Drink Tea Business

March 08, 2019 15:52
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The beverage company, Long Island Iced Tea Corp that created a buzz around the world in the midst of the crypto hyper rally in 2017 is now going all in on blockchain. The company has reached an agreement to sell its ready-to-drink tea business to Canadian firm ECC2 Ventures.

The beverage company, which rebranded itself at the height of crypto craze in December 2017 to Long Blockchain, witnessed the company’s stock soaring over 500 per cent which also attracted the regulator’s ire over it. At the time of rebranding, it mentioned that the company has planned investment and partnership with companies in the blockchain ecosystem.

Following in April 2018, the company stocks were delisted from Nasdaq on the grounds low market capitalization and currently trades over the counter. Over the 12 months period, the value of company stock declined close to 90 per cent.

Later in August 2018, the company informed that it was changing the line of business from initial iced tea business to cryptocurrency. The beverage unit is being sold in a combination of cash and shares deal, with ECC2 planning to raise $2 million to fund the deal.

According to the report, the Long Blockchain would get CAD$500,000 or $372,000 and 9.2 million shares of ECC2 after the completion of the acquisition process. The deal is documented in the SEC document filed on March 6th.

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