Long Blockchain, previously named Long Island Iced T, has made an agreement to sell its own ready-to-drink tea business to Canadian firm ECC2 Ventures. This deal has been filed in the Securities and Exchange Commission (SEC) document filed on March 6.
In the beginning of 2018, the company had rebranded from Long Island Iced T to Long Blockchain, seeing the 500 per cent jump in shares, seeing that it was expected to raise money to buy Bitcoin (BTC) miners.
In August 2018, the company announced that it has changed its business line again – the initial idaid tea business for crypto currency – and it was also focused on loyalty schemes that used to take advantage of digital laser technology.
The former Iced Tea Company is being sold for a combination of cash and shares, and ECC 2 is demanding to raise $ 2 million to close the deal. As CoincLeaf reported in April last year, Long Blockchain was removed from the Nasdaq stock market (Nasdaq) for low market capitalization.
According to a report in the Long Island News website Newsday, after completing a stock consolidation, the CAD will get $ 500,000 (equivalent to $ 372,000) and 9.2 million shares of ECC.
In August 2018, Long Blockchain Corp was also issued a sub-company by SECEC. During a filling around the same time, the company reportedly said that the sub-capital on July 10, requested some documents from Long Blockchain Corp. The company refused to provide further detail saying that it can not predict whether any action will be initiated or not. With respect to the subpona by the SEC