Long Island Iced Tea Corp., a producer and distributor of non-alcoholic ready-to-drink iced tea, announced terms for its IPO on Thursday.
The Hicksville, NY-based company plans to raise $10 million by offering 1.5 million shares at a price of $6.50. At the midpoint of the proposed range, Long Island Iced Tea Corp. would command a fully diluted market value of $55 million.
Long Island Iced Tea Corp. was founded in 2014 and booked $2 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol LTEA. Network 1 Financial Securities is the sole bookrunner on the deal. IPO timing was not disclosed.
