Long Blockchain, known until December 2017 as the Long Island Iced Tea Corporation, will sell its beverage subsidiary to ECC Ventures 2 Corp., an investment holding company, which signed a letter of intent Wednesday.
As reported by Newsday, Long Blockchain will receive $500,000 Canadian dollars and 9.2 million units of ECC stock. That stock will be issued after a restructuring, so its value is unclear. But ECC itself, according to Canadian filings, was founded in January of 2018 and has assets of less than $5 million. ECC’s current stock structure has less than 4 million shares outstanding, and they trade at less than 20 cents per share. Historical price data on Long Blockchain stock is also hard to dig up (for reasons that will become clear), but suffice it to say this doesn’t look like a particularly rich deal from any angle.