East Coast Diversified Corp. (OTC: ECDC), a holding corporation with a diversified group of technology companies, has seen a sharp rise in its shares in trading today.
ECDC shares are currently trading 51.72% higher at $0.0088 on above average volume of 81.09 million. The stock has gained more than 120% in the last three trading sessions.
Last week, East Coast Diversified announced that it entered into two equity financings with Ironridge Technology Co., which specializes in equity investments in stocks related to researching, developing and creating software and hardware, electronics, information technology systems and services. The equity financings total over $2.5 million.
Kayode Aladesuyi, CEO of East Coast Diversified, said last week that the funding will help ECDC continue the momentum it is experiencing with its businesses and manage growth more effectively. Aladesuyi said that 45% of the payable funding is related to manufactured inventory that will help ECDC accelerate sales and revenue especially with its StudentConnect business, which requires substantial investment in equipments to be deployed to school districts.