Last month we covered the story of the Long Island Iced Tea Company rebranding itself as Long Blockchain as part of a broader shift in corporate strategy. The company's stock price tripled over night.
On Friday, we got the first concrete details of the company's new blockchain strategy. Long Blockchain planned to raise up to $8.4 million with a stock offering and then use some of the money to buy 1,000 Antminer S9 bitcoin mining machines. The machines would be "installed in a world-class third-party data center experienced in cryptocurrency mining and located in a Nordic country."
But today Long Blockchain announced it was scrapping the stock offering. The company says that it's still planning to buy bitcoin-mining hardware. However, Long Blockchain says that it "can make no assurances that it will be able to finance the purchase of the mining equipment."
(Score: 3, Insightful) by bob_super on Thursday January 11 2018, @06:24PM (4 children)
1) notice $bubble
2) announce $bubble-related pivot
3) sell stock that just tripled
4) cancel $bubble-related pivot
5) (optional) buy back stock at old price
6) profit !
(Score: 0) by Anonymous Coward on Thursday January 11 2018, @06:30PM (2 children)
7) get sent to federal pound me in the ass prison for insider trading.
(Score: 3, Insightful) by Grishnakh on Thursday January 11 2018, @06:59PM
Nah, those people don't go to the pound-me-in-the-ass prisons, they go to the country-club prisons.
(Score: 3, Insightful) by JoeMerchant on Thursday January 11 2018, @07:50PM
7) only applies to individuals who are not "too big to fail"
🌻🌻 [google.com]
(Score: 2) by krishnoid on Thursday January 11 2018, @11:23PM