Long Island Iced Tea Corp., a Hicksville-based maker of ready-to-drink iced tea, is seeking to raise up to $10 million in a stock offering, but a revised schedule from a brokerage and an amended filing from the company Monday made the timing of the deal uncertain.
Renaissance Capital, a Greenwich, Connecticut, brokerage that tracks initial and other public offerings, pulled the offering from its weekly calendar Monday afternoon. Previously, the brokerage said it expected the stock offering to occur this week.
Late Monday afternoon, Long Island Iced Tea filed an amended government document that removed Manhattan-based Axiom Capital Management Inc. as one of underwriters of the deal.
Calls to the company and underwriters were not immediately returned.
The company’s stock dropped 1.6 percent to close at $7.33 in over-the-counter trading Monday.
The stock offering would let the company trade on the Nasdaq Capital Market, according to government filings by Long Island Iced Tea.
The company has applied to retain its current stock ticker, LTEA.
The company’s iced tea is sold at supermarkets and convenience stores. The company has applied to retain its stock ticker once it trades on the Nasdaq.
Long Island Iced Tea, which leases a 5,000-square-foot facility on Charlotte Avenue in Hicksville, has 26 full-time and 3 part-time employees. For the quarter ended March 31, the company posted a net loss of $1.4 million on net sales of $508,169, which almost doubled compared with the 2015 period.
On April 19, the U.S. Patent and Trademark Office put “Long Island Iced Tea” on its supplemental register, which can block applications for similar names and lets the company sue alleged infringers in federal court.
In a government filing, the company also noted that the 1970s-era cocktail also known as Long Island Iced Tea remains popular and was ranked the fourth most popular cocktail in U.S. bars and restaurants, according to a 2016 survey by Nielsen CGA. Ingredients include vodka, rum, tequila, gin and triple sec, according to an entry on the International Bartenders Association website.
In filings with the Securities and Exchange Commission, the company said it has begun exploring the production of alcoholic beverages to supplement its tea business. The U.S. alcohol beverage market had sales of $215 billion in 2014, with 46.8 percent from beer, 30.5 percent from spirits and 19.2 percent from wine, according to Euromonitor International.
Monday afternoon’s filing listed Manhattan-based Alexander Capital LP and Network 1 Financial Securities Inc., headquartered in Red Bank, New Jersey, and with a branch in Syosset, as the firms marketing the stock offering.