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Shell Summary for April 4, 2019

2019-04-04 21:19 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.19 points to close at 626.19 Thursday. William Kanters's first capital pool shell, High Mountain Capital Corp. (BUZD: halted), plans to acquire an Uber wannabe in Toronto called Facedrive Inc. for the shell's qualifying transaction. The shell will roll back 1 for 50, leaving it with 114,105 shares issued, then issue 8,694,271 shares to its target's shareholders.

Facedrive is putting in the effort to appeal to several groups of people. First, to attract drivers, it claims that its drivers earn more than other ride-sharing drivers do. It also offers share ownership to eligible active drivers, meaning those who made at least 80 trips a month for 12 consecutive months and who received positive ratings from passengers. Second, to attract passengers, Facedrive boasts that its fares do not increase during peak hours. (Uber and Lyft charge higher fares during peak hours.) Third, to attract tree-hugging types, Facedrive bills itself as a "planet-first" company. Its app estimates carbon emissions for each trip (nil for an electric car), calculates how much to spend on carbon offsets to make the trip carbon neutral and then pays for those carbon offsets out of the passenger's fare.

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