Shares of Marine Drive Mobile Corp. (OTC: MDMC), a company engaged in the development of transactional mobile commerce applications and services, are soaring in early trading today.
At last check, MDMC shares were up 47.67% to $0.221 in early trading today. Despite today’s gains, MDMC shares have fallen more than 23% in the last three trading sessions.
MDMC’s rally could be due to some stock promotion activity as the company has not made any major announcement in the recent past.
According to a filing made by Marine Drive Mobile back in May, the company incurred a net loss of $1.55 million for the six-month period ended March 31, 2012, compared to a net loss of $8,066 reported for the six-month period ended March 31, 2011.
At the end of March 31, 2012, MDMC had cash of $64,931 on its balance sheet.