Long Island Iced Tea's IPO timing uncertain after changes
Following a revised schedule from a brokerage firm and an amended filing from the company, the timing for the initial public offering of Long Island Iced Tea shares looks uncertain. The company was seeking to raise up to $10 million on the Nasdaq Capital Market despite recently posting dismal first quarter results, with a net loss of $1.4 million on net sales of $0.5 million. Renaissance Capital, a brokerage that tracks initial and other public offerings, pulled the offering from its weekly calendar on Monday afternoon, while Long Island Iced Tea filed an amended government document that removed one of the underwriters of the deal. The company's stock dropped 1.6% to close at $7.33 in over-the-counter trading on Monday, but has recovered since.