Eco Innovation Group (OTCMKTS:ECOX) Stock Soars After Announcing New Line of Credit

While the market continues to be quite volatile due to a wide range of factors, it is important for investors to keep in mind that there are still certain stocks that have continued to shine and one of those was the Eco Innovation Group (OTCMKTS:ECOX) stock on Tuesday. The stock came into focus in a big way among investors yesterday and ended the day with gains of as much as 89% to emerge as one of the notable gainers. In light of such massive gains, it may now be a good idea for investors to consider taking a keener interest in the Eco Innovation Group stock.

Trading Data

On Tuesday, ECOX stock soared 89% to $0.0017 with 337.19 million shares, compared to its average volume of 20.46 million shares. The stock moved within a range of $0.0011 – 0.0029 after opening trade at $0.0012.

About Eco Innovation Group

The company, which is of an innovative nature and is involved in aggregating investments meant for new-age technologies for environmental advancements, made a major announcement yesterday.

Eco Innovation Gains Access to New $10M Line of Credit to Power Current and Strategic Objectives

It was announced that it had managed to get a new line of credit worth as much as $10 million by way of which the company is going to work towards retiring some of the toxic outstanding convertible financing notes.

However, that is not all. In addition to that, Eco Innovation Group is going to use that line of credit for making investments towards the commercialization of the prototypes of some of the products that it has developed and research on new projects that could be added to its development pipeline.

The Chief Executive Officer of the company Julia Otey-Raudes spoke about the development as well and noted that the recent period has been quite painful for growth stocks as investors move away from such companies amidst market volatility.

She went on to add that despite the market sentiments, Eco Innovation Group was working on a range of projects which it was slowly but surely working towards taking to the market.

The line of credit is going to be important under such conditions considering the fact that it is going to give Eco Innovation Group the necessary financial legroom to take its projects to their logical conclusions. Additionally, it is going to help the company to move ahead with its other projects without any financial troubles.

Key Quote

“This has been a historically difficult period for growth stocks, with most seeing enormous declines as the baby gets thrown out with the bathwater,” remarked Julia Otey-Raudes, CEO of ECO Innovation Group. “However, we have a number of projects we are shepherding to market, and this line of credit will ensure that we have enough capital to achieve our objectives and move forward with no major foreseeable disruptions.”

Technical Data

ECOX stock is trading below the 20-Day and 50-Day Moving averages of $0.0018 and $0.0022 respectively. However, the stock is trading above the 200-Day moving average of $0.0090.