Long Island Iced Tea files registration for IPO
Long Island Iced Tea Corp., a manufacturer of ready-to-drink iced teas, submitted a registration for a proposed public offering of common stock. The company is looking to raise $11.5 million on the Nasdaq Capital Market, which caters to small capitalization companies. Its stock is currently traded over the counter under the symbol LTEA and fell by more than 10% following the announcement. The company currently employs about 20 employees and operates out of a 5,000-square-foot facility in Long Island, NY. Long Island Iced Tea reported sales of $1.9 million with an 8.8 percent increase over the prior year. It plans to use proceeds from the stock offering for general corporate purposes.