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Shell Summary for Aug. 28, 2019

2019-08-28 21:03 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 583.82 Wednesday. David Smalley and Larry Doan's third capital pool shell, Ponderous Panda Capital Corp. (PPCC: halted), plans to acquire Veridyne Power Corp. for the shell's qualifying transaction. The shell, which has 3,065,004 shares issued, will issue 33,870,758 shares to its target's shareholders.

Veridyne was formed in 2015. Its ambition is to come up with an efficient and cheap way to produce clean energy from coal. Specifically, it is designing a proprietary SOFC (solid oxide fuel cell) power-generating system. Veridyne explains that its system will not involve combustion and will therefore be better for the environment than conventional fossil fuel power plants are. The company adds that its system will be cheaper to build, compared with other SOFC power-generating systems, because its own design includes a cheaper yet supposedly "exponentially" better kind of one of the components (ceramic tubes).

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