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Shell Summary for Feb. 16, 2021

2021-02-16 19:43 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 21 points to 1,088 Tuesday. Don Wright, Avi Grewal and John O'Sullivan's Cinaport Acquisition Corp. III (CAC: suspended) plans to acquire Coinberry Ltd. for the shell's qualifying transaction. The terms are not yet available. Coinberry is a Toronto company that operates a cryptocurrency trading website. It constantly boasts about being "the only ... platform trusted by Canadian government municipalities." In 2019, the Town of Innisfil and the City of Richmond Hill agreed to receive property tax payments in bitcoin through Coinberry's platform, but Richmond Hill has since removed this payment option for its constituents.

The chief executive officer of Coinberry, Andrei Poliakov, received his degree in electrical engineering in 2006. He has since spent 2-1/2 years working in operations at L'Oreal and three years working in "sourcing" at Volvo (or a Volvo affiliate). He co-founded Coinberry in 2017. In connection with its going public, Coinberry aims to raise $10-million, no details yet.

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