14:36:28 EDT Sat 20 Jul 2019
Enter Symbol
or Name

Login ID:

Shell Summary for April 12, 2018

2018-04-12 19:47 ET - Market Summary

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 gained 4.66 points to 782.37 Thursday. Donald Wright, Avi Grewal and John O'Sullivan have filed a preliminary prospectus to list their second capital pool shell, Cinaport Acquisition Corp. II. They plan to sell a $300,000 initial public offering at 10 cents through Echelon Wealth Partners Inc.

The directors and officers of Cinaport II are the same seven men who were behind Cinaport Acquisition Corp. This original Cinaport capital pool shell listed in October, 2011, with a $226,000 IPO at 10 cents. In October, 2014, the shell rolled back 1 for 14.5625 and launched Mettrum Health Corp., a licensed producer of marijuana. Considering the rollback, the shell's IPO shareholders needed about $1.46 to break even. For nearly two years, Mettrum traded between $1.11 and $2.69, giving the shell's IPO investors an adequate opportunity to get out of their investment with a profit. We say adequate, because at the time, marijuana stocks were not trading as actively as they do now. Mettrum typically traded fewer than 100,000 shares a day. Eventually, however, the stock made its way up to $8.30, thanks to the announcement of an all-share acquisition by Canopy Growth Corp. (WEED: $27.67) that valued Mettrum at $8.42 a share. The acquisition closed in February, 2017. Since then, Canopy has climbed to a high of $44. (That was three months ago.)

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

© 2019 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Comments for this item are closed