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by Stockwatch Business Reporter
The TSX Venture Exchange gained 5.80 points to 720.25 Thursday. Kyle Shostak has listed his first capital pool shell, Navigator Acquisition Corp. (NAQ: $0.11), with a $500,000 initial public offering at 10 cents. Its IPO agent was Canaccord Genuity Corp. There was one trade for 20,000 shares at 11 cents.
Mr. Shostak, 47, studied law in Moscow and Washington. He now lives in New Jersey and has worked at J.P. Morgan, GE Capital/Genworth Financial and Credit Suisse. He has shell experience. He was the chief financial officer and a director of Anatoly Danilitskiy's Nasdaq-listed special purpose acquisition corporation, CIS Acquisition Ltd., which in 2012 sold a $40-million (U.S.) IPO at $10 (U.S.). In 2014, CIS launched a Chinese chemical company, Delta Technology Holdings Ltd. (DELT: $0.90 (U.S.)). Delta has not traded above $4 (U.S.) except in its first two weeks, when it spiked to $38.25 (U.S.).
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