Edison Nation Inc. (NASDAQ: EDNT) shares more than doubled on Thursday after the company announced a sizable uptick in business as the result of the coronavirus.
The company announced early on Thursday that it has received over $10 million in orders for the purchase of personal protective equipment (PPE) during its first week since launch.
The current orders are for a range of products including gel-based hand sanitizer, liquid sanitizer and protective masks, and the company anticipates the orders will ship during the current fiscal quarter.
Edison Nation’s sourcing team has been successful in its ability to secure verified suppliers for the delivery of 32 PPE products to address the COVID crisis as it continues to develop.
At the same time, the company will inventory health-care-related products, including hand sanitizers, facemasks and other PPE products that will be available to its clients inclusive of hospitals, government agencies, distributors and Fortune 500 retailers through its Edison Nation Medical portal.
Chris Ferguson, CEO of Edison Nation, commented:
With the Coronavirus pandemic effecting thousands of families and healthcare workers in the U.S., we remain focused on furthering the development of our PPE supply network and the Edison Nation Medical brand. I appreciate the effort our U.S. and Hong Kong based teams, as well as our feet on the ground in China, who have worked so diligently around the clock to allow us to deploy these products.
Edison Nation stock traded up about 110% to $3.50 on Thursday, in a 52-week range of $1.32 to $5.20.
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