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Shell Summary for Dec. 10, 2014

2014-12-10 21:01 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange continued its descent Wednesday, falling 16.97 points to 667.91. This morning, shareholders of Ron Schmeichel's WB III Acquisition Corp. (WXX) approved a rollback of between 1:15 and 1:25 so that the shell can close its qualifying transaction by acquiring TicToc Planet Inc. Mr. Schmeichel anticipates WB III will roll back 1:20.333, which would leave the shell with 737,704 postconsolidated shares, and many odd lots amongst IPO shareholders. It will then issue approximately 21,320,218 postconsolidated shares plus 362,612 restricted voting shares to the shareholders of TicToc and change its name to Frankly Inc.

The target owns a free ephemeral messaging app called Frankly, which launched last year in September. Around two million users have downloaded the app, although TicToc does not say how many of those users are active. Frankly is similar to the widely used SnapChat, which recently said it would sell equity to Yahoo Inc. (YHOO: $49.21) based on a valuation of $10-billion. Both SnapChat and Frankly allow users to send messages and photos to one another, and within a short period of time those messages self-destruct. Frankly has made a few modifications to separate itself from SnapChat, including the ability to delete an already-sent message if the intended recipient has not yet opened the message, and also the ability to send messages to non-Frankly users through the use of personalized links. The links, when clicked, will open a web page to briefly display a message or an image. Its tagline, "Gossip with your best friends without getting caught," appeals to a particular audience: females and teenagers, each of which makes up about 80 per cent of the company's user base.

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