Long Blockchain Corp (NASDAQ:LBCC) has pulled back sharply to what may be technically considered key support around the $2/share level. This pullback has extended following the stock’s breakout to test the waters above $8/share back in December of last year after the company announced that it was pivoting operations into the high-growth blockchain space.

As far as recent catalysts, the company recently announced that it has closed on a strategic investment in TSLC Pte Ltd. TSLC is the parent company of CASHe, a leading provider of digital money and short-term financial products to young millennials across India.

According to the release, “TSLC also owns all of the intellectual property developed by CASHe and has the worldwide rights outside of India to the application of its intellectual property for its lending and money transfer platform. Pursuant to the transaction, the Company will acquire 7.0% of TSLC in exchange for 17.0% of the Company’s currently outstanding shares of common stock. In conjunction with the closing of the transaction, CASHe will receive the right to appoint a director to the Company’s Board of Directors. TSLC has also agreed to grant to the Company the rights to develop the business of CASHe in the Latin American market, subject to the parties entering into a mutually acceptable license agreement.”

Long Blockchain Corp (NASDAQ: LBCC) recently pivoted into the blockchain space after doing business for a period exclusively as a distributor and producer of ready-to-drink iced tea under the Long Island Iced Tea brand. It also provides lemonade under the The Original Long Island brand name.

Long Blockchain Corp. was founded in 2011 and is based in Farmingdale, New York.

According to company materials, “Long Blockchain Corp. is focused on developing and investing in globally scalable blockchain technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long term value for its shareholders and the global community by investing in and developing businesses that are “on-chain”. Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this dynamic industry, actively pursuing opportunities. Its wholly-owned subsidiary Long Island Brand Beverages, LLC operates in the non-alcohol ready-to-drink segment of the beverage industry under its flagship brand ‘The Original Long Island Brand Iced Tea’.”

Earning a current market cap value of $25.9M, LBCC has a store ($430K) of cash on the books, which compares with about $122K in total current liabilities. LBCC is pulling in trailing 12-month revenues of $5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 19.5%.

Shamyl Malik, Chief Executive Officer of Long Blockchain, commented, “Our long-term vision is based on pursuing growth in areas where implementation of distributed ledger technologies can enable creation of scale. The business that Raman and his team have built at CASHe has the potential to be a truly transformational technology-driven lending and asset management platform for millennials globally. I am very much looking forward to working in close partnership with the CASHe team to create a global leader in financial technology solutions. Our first step in this direction will be the roll out of CASHe in the Latin American market and we are committed to becoming the fintech platform of choice within this geography.”