Shares of East Coast Diversified Corp(NDA) (OTC:ECDC) ended sharply higher on Monday on news that the company has reached an agreement to acquire the majority (51%) stake in Rogue Paper, Inc., a California corporation.
Under the agreement the company issued two million five hundred thousand (2,500,000) shares of the Company’s Series A convertible preferred stock, par value $0.001 per share, which cannot be redeemed before twelve months from the Effective Date.
Seperately, the company announced that it has hired Stephanie Boyle, CEO of Rogue Paper will lead the deployment of the StudentConnect Technology at EarthSearch Communication.
Shares of ECDC soared 73.33% to $0.0130 on hefty volume of 9.26 million shares, compared to its 30-day average volume of 1.37 million shares. The stock has a 52-week range of $0.00-$0.08. The company has market capitalization of $2.31 million.
East Coast Diversified Corporation (East Coast) is a development-stage company that operates through its wholly owned subsidiary, Miami Renaissance Group, Inc. (MRG).
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