Long Island Iced Tea changing name to Long Blockchain, stock up 183%

Long Island Iced Tea Corp. is changing its name to Long Blockchain Corp., as it wants to focus more on blockchain technology.

Blockchain is a ledger sheet where cryptocurrency transactions are recorded.

The company said Thursday that it plans to ask the Nasdaq to change its trading symbol from its current "LTEA," but didn't disclose what it wants the symbol changed to. It will continue to run Long Island Brand Beverages LLC, which concentrates on the ready-to-drink segment of the beverage industry.

Shares of the company shot up more than 183per cent to $6.91 on Thursday.Over the past year, shares have traded between $1.70 and $9.49.