This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.63 points to close at 622.67 Thursday. Bill Ye's first capital pool shell, Hope Well Capital Corp. (HOPE: halted), has been jilted by its qualifying transaction target, Payfare Inc. According to Hope Well, Payfare claims to have found a better deal (or in formal terms, a "superior merger proposal"). Hope Well declares that Payfare's termination of the QT constitutes a breach of their agreement. The shell is now looking into "legal remedies."

The identity of Payfare's now-preferred merger partner is not yet known. Payfare has an app that enables users to receive their wages sooner than they otherwise would. Of course, the app users' employers must co-operate. Payfare has the co-operation of Uber. Payfare's app is integrated with Uber's app, so Uber drivers can use Payfare's app to retrieve their Uber earnings up to five times a day instead of waiting for Uber's once-a-week payouts. Payfare charges an Uber driver 50 cents each time he retrieves his Uber earnings into his Payfare account (which comes with a Payfare card) and $2.50 each time he makes a cash withdrawal using his Payfare card at any ABM. As of 2017, Payfare was not profitable. It lost $11.13-million on revenue of $1.16-million in that year. So far, Payfare is not talking about 2018, which one might expect it to be talking about if the news was good.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS