Ecobalt Solutions (OTCQX:ECSIF) soared 13.5% today in Toronto after two large shareholders called for a sale of the company or a change in senior management, saying ongoing mine development delays are wasting a windfall from high battery sector demand.
Australian hedge fund Tribeca Investment Partners, which owns ~6% of Ecobalt shares, says the stock's 58% YTD decline stems from delays at the Idaho Cobalt project caused by “strategic missteps."
According to Reuters, Tribeca says it has repeatedly voiced concerns to Ecobalt CEO Paul Farquharson, “but to date feel these communications have resulted in little or no appropriate action."
