Long Island Iced Tea's stock rockets nearly 500% after changing name to Long Blockchain

Shares of Long Island Iced Tea Corp. blasted higher by nearly 6-fold in premarket trade Thursday, after the seller of ready-to-drink beverages said it was changing its name to Long Blockchain Corp., and will shift its focus to exploring investment opportunities that leverage the benefits of blockchain technology. The company said it plans to request Nasdaq for a new stock ticker symbol, and has reserved the web domain of "www.longblockchain.com." The company said it will continue to operate Long Island Brand Beverages as a wholly-owned subsidiary. "The company is already in the preliminary stages of evaluating specific opportunities involving blockchain technology. The discussions are only in the preliminary stages but indicate the areas of focus for the company," the company said in a statement. The stock, up 482% ahead of the open, on track to open at the highest price seen during regular session hours since February 2015. Through Wednesday, the stock had tumbled 41.5% year to date, while the S&P 500 has gained 19.7%.

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