Innovative Designs Inc. (OTCMKTS:IVDN) and the Federal Trade Commission, have come to an agreement about a settlement about the company application seeking fees, costs, and expenses approved by the Court on June 29, 2022.
Trading Data
On Friday, IVDN stock slid 5.52% to $0.1300 with more than 30.15K shares, compared to its average volume of 12.29K shares. The stock moved within a range of $0.1275 – 0.1300 after opening trade at $0.1283.
Innovative Designs Reaches Settlement With FTC, Receives First Payment
The approved amount is $260,000. A partial payment of $200,000 was received by the company on August 30, 2022. It is because of filing a motion pursuant to the Equal Access to Justice Act that was filed against the Federal Trade Commission after the court dismissed the case. Joseph Riccelli, CEO of Innovative Design, said that the company is content about the case being over, so they can focus on business strategies.
Key Quote
Joseph Riccelli, CEO of Innovative Design commented, “The company is pleased that the case is over, and we can move forward with our business plan.”
Innovative Designs Adds Major Distributor
On August 25, 2022, the company inked a distributorship agreement with Hartman Independent, located in Western Pennsylvania. Hartman has supplied collated nails and screws, narrow, medium, and wide crown staples, pneumatic tools and air compressors, along with more fastening and building products, to industrial, construction, and dealer markets, for more than 70 years.
Hartman, with its 6 outside salesmen, will cover eastern Ohio, northern West Virginia, western and central Pennsylvania, portions of New York, Maryland, and Virginia. The addition of Hartman to the company’s growing list of distributors ensures it can now service accounts in the tri-state area and beyond.
Technical Data
IVDN stock is trading below the 20-Day and 50-Day Moving averages of $0.15 and $0.16 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.28. The company has a total market capitalization of $4.22 million. The stock is down 3% over the past month.
