n-line Plc jumped as much as 394 percent on Friday after announcing plans to change its name to On-line Blockchain Plc, following an initial climb of 19 percent on Thursday when it first announced the news. It’s the biggest one-day gain for the small-cap company since its December 1996 listing. The trading volume that reached 2.9 million shares by early afternoon in London is equal to more than 16 times the entire year’s trading before the last two days.
This isn’t the first time that investors have gotten excited about a name. Shares in Colorado-based Bioptix Inc. nearly doubled in value in the days leading up to its name change to Riot Blockchain Inc. earlier this month. In what seems to be a case of mistaken identity, a New York-based startup called SNAP Interactive Inc. jumped more than 150 percent in the days after Snap Inc. filed for a $3 billion initial public offering in February. Little-known SNAP Interactive makes mobile dating apps, while Snap Inc. is the parent of the popular Snapchat photo-sharing app.