Although China Dongsheng International Inc (OTCMKTS:CDSG) made a major new announcement yesterday it was not met with much enthusiasm by investors. The stock suffered from a major selloff and went down by as much as 17% as a consequence.
Market Action
On Tuesday, CDSG stock lost 17.09% to $0.0485 with more than 75.67K shares, compared to its average volume of 115.08K shares. The stock moved within a range of $0.0480 – 0.0600 after opening trade at $0.0600.
China Dongsheng International Appoints Craig Alford, CEO
In this situation, it may be a good move for investors to try to figure out if the stock is going to continue to tank or if a recovery may be in the offing. To do that, it’s important to look into the actual news which triggered the selloff. The company announced yesterday that it appointed a new Chief Executive Officer in the form of Craig Alford.
The appointment of a new CEO is always regarded as a major event for any company and it is no different with regards to China Dongsheng International.
The President of the company Harp Sangha spoke about the development as well and noted that everyone at the company was delighted at the fact that Alford was joining as the new CEO. He went on to add that Alford would bring ‘invaluable experience and leadership’ to China Dongsheng International in his role. Upon this appointment, the company made Carren Currier the new Chief Financial Officer.
Key Quote
Harp Sangha, President of CDSG states, “We are delighted that Mr. Alford will be joining the CDSG management team and providing his invaluable experience and leadership. Upon his appointment, Caren Currier will become the Chief Financial Officer of the firm.”
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