Indo Global Exchange (OTCMKTS:IGEX) Stock Tanks As CEO Departs
The resignation of the Chief Executive Officer of a listed company often comes as a source of turmoil for the stock and that is what happened with the Indo Global Exchange (OTCMKTS:IGEX) stock this past Friday.
Trading Data
On Friday, IGEX stock moved down 19.64% to $0.0022 with 92.59 million shares, compared to volume of 19.88 million shares. The stock moved within a range of $0.0022 – 0.0028 after opening trade at $0.0028.
The Mineral Company (f/k/a Indo Global Exchange(s) Pte. LTD) CEO departure announcement.
The company announced on November 18 that it had accepted the resignation of its then CEO. The company added in its update that it was going to announce the appointment of a new CEO soon. As it happens, the new CEO had already been chosen by the company. However, the news came as a dampener for the stock as investors dumped the stock in a big way and it tanked by as much as 20%. It will be interesting to see if it can make a quick recovery over the course of this week.
The news was revealed to the shareholders through a letter from the outgoing CEO Sergio Bellosta Suarez. He noted that the new CEO had already been selected and he would be in a position to drive the company forward. Suarez also noted that he had worked hard towards creating the right platform for his successor over the course of the past 22 months.
Technical Data
IGEX stock is trading above the 20-Day and 50-Day Moving averages of $0.0022 and $0.0022 respectively. However, the stock is trading below the 200-Day moving average of $0.0037.
