On Friday, October 27, shares of a small British IT investor On-line Plc on the London Stock Exchange went up by 394%, or almost five times, after a statement that the company intends to change the name to On-line Blockchain Plc.
This is the most one-day jump in the exchange rate of a small company since 1996, when it only entered the stock exchange. Now the market capitalization of On-line Blockchain Plc is £ 4,700,000 ($ 6,160,000), the trading volume was 2,700,000 shares (there were 2,500,000 shares traded at noon in London) – this is more than 15 times more than in the last two days.
“Blockchain and cryptotvalut technology for us is a new promising sector,” the company said in a press release. “It’s time to rename the company to reflect the new activity vector in the title.”
Bloomberg notes that the shareholders are not the first to react to the “tasty” word. For example, in early October, shares of Bioptix Inc. (Colorado, USA) on the eve of her renaming at Riot Blockchain Inc. almost doubled in price.
A small start-up in New York SNAP Interactive Inc. went up by more than 150%, when in February of this year Snap Inc., the developer of Snapchat’s popular photo and video-client, announced that it is entering the exchange with plans to raise $ 3 billion. SNAP Interactive creates a mobile dating application.