On-Line Plc topped as much as 394 percent on Friday after declaring plans to change its name to On-line Blockchain Plc, following an opening climb of 19 percent on Thursday when it first published the news. It’s the biggest one-day gain for the small-cap organization since its December 1996 listing. The trading sound that reached 2.9 million shares by early afternoon in London is equal to more than 16 times the whole year’s trading before the last two days.
“Blockchain technology and cryptocurrencies are a new and interesting area we have been working on for some time,” the Essex-based company said in a comment on Thursday. “We feel the time is right to re-name the company to reflect these developments, where we think the future growth will be in our sector.”
The shares pared gains after the business published a follow-up release on Friday, warning investors that the development of its blockchain merchandise is still at an early stage. Still, the 238 percent rise as of 2:36 p.m. in London leaves the company’s business value of 4.4 million pounds ($5.8 million) at its highest since 2005.
This isn’t the first opportunity that investors have gotten excited about a Title. Shares in Colorado-based Bioptix Inc. nearly increased to double in value in the days leading up to its name change to Riot Blockchain Inc. earlier this period. In what seems to be a case of misnamed identity, a New York-based startup called SNAP Interactive Inc. bounced more than 150 percent in the days after Snap Inc. filed for a $3 billion initial public offering in February. Little-known SNAP Interactive offers mobile dating apps, while Snap Inc. is the origin of the popular Snapchat photo-sharing app.
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