Corsa Coal Corp (OTCMKTS:CRSXF) Stock Takes a Hit: Falls 20% Suddenly
Premium quality metallurgical coal producer, Corsa Coal Corp (OTCMKTS:CRSXF) on December 31, 2021, announced that Kai Xia resigned as a member of its board of directors.
Market Stats
On Friday, CRSXF stock fell 20.25% to $0.50 with more than 113K shares, compared to its average volume of 44.4K shares. The stock has moved within a range of $0.4387 – 0.6100 after opening trading at $0.61.
Corsa Coal Announces Director Resignation
Xia, a nominee of funds, which is controlled by Quintana Capital Group L.P, earlier announced the in-kind distribution of common shares effective earlier in the month. Additionally, it no longer holds or controls common shares.
Ronald Stovash, Chair of the Company’s Compensation, Nominating and Governance Committee, said that the Board expressed gratitude to Kai for the valuable contributions to the company in all the years. Kai was instrumental in ensuring the acquisition of PBS Coals in 2014. Furthermore, Stovash added that Kai’s position as Vice President of Corporate Development from August 2014 to January 2017 as well as board service commencing March 2017 was vital as well.
The Board is not expecting the appointment of a successor to Mr. Xia before the firm’s next annual general meeting of shareholders.
A coal mining focusing on production as well as sales of metallurgical coal, Corsa plays an integral role in providing a vital ingredient in the production of steel.
The firm’s core business is producing as well as selling of metallurgical coal to domestic and international steel and coke producers in Pacific and Atlantic basin markets.
Key Quote
“The Board wishes to thank Kai for his valuable contributions to Corsa over the years, including his instrumental role in connection with the Company’s acquisition of PBS Coals in 2014, his position as the Company’s Vice President of Corporate Development from August 2014 to January 2017 and then his board service starting in March 2017”, said Ronald Stovash, Chair of the Company’s Compensation, Nominating and Governance Committee.
Traders Corner
CRSXF stock is trading below the 20-Day and 50-Day Moving averages of $0.5173 and $0.5696 respectively. Moreover, the stock is trading below the 100-Day moving average of $0.5425.
