Innovative Designs Inc (OTCMKTS:IVDN) Stock Soars 66%: Here is Why

Innovative Designs Inc (OTCMKTS:IVDN) was one of the companies to have made a major new announcement on Monday and it could be a good time to take a closer look into it. The company announced yesterday that it had got a significant new private placement investment from Robert K Adams, a member of its Board of Directors.

Trading Data

On Monday, IVDN stock moved up 66.14% to $0.3950 with 17.72K shares, compared to its average volume 7.11K shares. The stock moved within a range of $0.2343 – 0.3950 after opening trade at $0.2343.

Innovative Designs, Inc. Receives $100,000 Direct Private Investment from Board Member Mr. Robert K. Adams

A filing was submitted to the United States Securities and Exchange Commission on May 30 and it was reported that Adams had picked up 500,000 shares of the company’s common stock for the price of $0.20 each. As a result of the transaction Innovative Designs received a cash payment of $10,000. The money would be used by the company to expand its production and marketing related to its patented Insultex insulation line of products.

Following the purchase of 500,000 common shares, Adams’ holding went up to 871,300 shares in Innovative Designs. Adams spoke about his personal investment in the company as well. He noted that he foresaw potential for high returns due to the business plan of the company. He went on to note that the company’s line of products provide far superior quality than the other competing products.