Corsa Coal Corp (OTCMKTS:CRSXF) Stock Continues to Pull Back: Down 14% In a Month
Corsa Coal Corp (OTCMKTS:CRSXF) is down 14% in a month. The company announced that Quintana Capital Group L.P controlled funds have finalized an in-kind common stock of the company distribution representing around 45% of outstanding common shares to limited partners of the funds effective December 15, 2021.
Market Stats
On Wednesday, CRSXF stock ended flat at $0.4834 with more than 19.8K, compared to its average volume of 55.12k shares. The stock has moved within a range of $0.4834 – 0.4834 after opening trading at $0.5020.
Corsa Coal Comments on Distribution of Common Shares by Funds Controlled by Quintana Capital Group
CEO and President of CorsaBob Schneid said that Quintana has been the company’s biggest shareholder over the past eight years, including via several commodity cycles and the COVID-19 pandemic period.He explained that Corsa appreciates the support it has received over this period.
Additionally, Coras is delighted that limited Quintana-controlled funds partners will have the chance to continue being shareholders. Schneid explained that the in-kind share distribution would potentially offer additional trading volumes and increased liquidity for the company’s shares with more opportunities for the company as a widely held public stock without controlling the stockholder. Corsa focuses on metallurgical coal production and sales.So in the coming weeks, investors should watch CRSXF.
Key Quote
“Quintana has been Corsa’s largest shareholder since 2013, including through multiple commodity cycles and the ongoing COVID-19 pandemic. The Company appreciates the support provided by Quintana during this period. In addition, we are pleased that the limited partners of the Quintana-controlled funds will have the opportunity to continue as shareholders of Corsa, as well as the possibility that the in-kind distribution will provide increased liquidity and trading volumes for the Company’s common shares and additional opportunities for Corsa as a more widely held public company without a controlling shareholder”, said Bob Schneid, President and Chief Executive Officer of Corsa.
Traders Corner
CRSXF stock is trading below the 20-Day and 50-Day Moving averages of $0.4910 and $0.6140 respectively. However, the stock is trading above the 200-Day moving average of $0.4192. The stock is up 14% in the past month.