Topic: [2018-01-05] Ex-Iced Tea Maker Long Blockchain Is Buying Bitcoin Miners Now (Read 128 times)
January 05, 2018, 11:18:19 PM
This is as company that got benefited so much even with just using the word BLOCKCHAIN into its official name and actually has nothing to do with the real blockchain technology. Maybe the company decided that since the blockchain has been good to it then it is really time to really get involved into cryptocurrency as a continuing part of its story. Well, this can be a good decision on the part of the company. Soon we might be hearing more from this company...who knows they can soon be issuing their own company tokens too. I am sure many companies are now planning to also do the same thing...changing their name and some will even appropriate Bitcoin into their brands. This is the power of something which is really trending and revolutionizing.
January 05, 2018, 06:57:40 PM
Ex-Iced Tea Maker Long Blockchain Is Buying Bitcoin Miners Now
Long Blockchain Corp. the former beverage company that announced a pivot to blockchain technology last month, is now planning to enter the bitcoin mining business, a new filing shows.
According to a filing with the Securities Exchange Commission on Jan. 5, Long Blockchain Corp, the publicly traded company that was rebranded from Long Island Iced Tea, is in the process of purchasing 1,000 units of AntMiner S9 manufactured by the China-based Bitmain.
This move came just weeks after the firm announced its business pivot, which caused its stock price at the U.S. exchange NASDAQ to surge nearly 200 percent. Similar trends in market euphoria were also seen for other public stocks that announced business strategy shifts to areas related to blockchain.
In a press release, Long Blockchain said the mining facilities would be located in a Nordic country, without specifying which one. But the agreement included in the SEC filing includes a hint: It states that the vendor will notify the purchaser when the products arrive in Iceland.
Further, the purchase price will be $4.2 million, which includes $2.9 million cash as well as an issuance of 260,000 shares of Long Blockchain's common stock. It is not clear from the filing whether Long Blockchain is buying the equipment directly from Bitmain or from a third party.
According to the document, this purchase is scheduled to close by Jan. 31 only if Long Blockchain Corp. is able to obtain the required financing before that.
As such, Long Blockchain announced in the same document it is issuing additional 1.6 million shares of common stock at a public offering price of $5.25 per share, aiming to raise approximately $7.7 million in net proceeds.
Philip Thomas, CEO of Long Blockchain Corp. said in the announcement:
"We view this transaction as an important and validating initial step in the Company’s progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin."
Source: https://www.coindesk.com/2-us-states-issue-warnings-over-cryptocurrency-investments/
Long Blockchain Corp. the former beverage company that announced a pivot to blockchain technology last month, is now planning to enter the bitcoin mining business, a new filing shows.
According to a filing with the Securities Exchange Commission on Jan. 5, Long Blockchain Corp, the publicly traded company that was rebranded from Long Island Iced Tea, is in the process of purchasing 1,000 units of AntMiner S9 manufactured by the China-based Bitmain.
This move came just weeks after the firm announced its business pivot, which caused its stock price at the U.S. exchange NASDAQ to surge nearly 200 percent. Similar trends in market euphoria were also seen for other public stocks that announced business strategy shifts to areas related to blockchain.
In a press release, Long Blockchain said the mining facilities would be located in a Nordic country, without specifying which one. But the agreement included in the SEC filing includes a hint: It states that the vendor will notify the purchaser when the products arrive in Iceland.
Further, the purchase price will be $4.2 million, which includes $2.9 million cash as well as an issuance of 260,000 shares of Long Blockchain's common stock. It is not clear from the filing whether Long Blockchain is buying the equipment directly from Bitmain or from a third party.
According to the document, this purchase is scheduled to close by Jan. 31 only if Long Blockchain Corp. is able to obtain the required financing before that.
As such, Long Blockchain announced in the same document it is issuing additional 1.6 million shares of common stock at a public offering price of $5.25 per share, aiming to raise approximately $7.7 million in net proceeds.
Philip Thomas, CEO of Long Blockchain Corp. said in the announcement:
"We view this transaction as an important and validating initial step in the Company’s progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin."
Source: https://www.coindesk.com/2-us-states-issue-warnings-over-cryptocurrency-investments/
Jump to: