LBCC - Long Blockchain Stock Halves in Value; Merger Announcement Impacts Investor Confidence

The shift from ‘iced tea company’ to ‘cryptocurrency mining company’ has created a lot of volatility in Long Blockchain (NASDAQ: LBCC) stock price. The company’s share price spiked more than 200% on December 21 when it changed the name from Long Island Iced Tea (NASDAQ: LTEA) to Long Blockchain Corp.

After hitting the 52-week high of $9.49, the LBCC stocks started declining steadily. Long Blockchain stock currently trades at around $3 a share. LBCC shares lost 57% of their price since hitting the 52-week high in December.

The downward movement in Long ...