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Shell Summary for Feb. 22, 2021

2021-02-22 20:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 15.60 points to 1,082.96 Monday. Brothers Nima and Kia Besharat's first shell, Gravitas One Capital Corp. (GONE), has listed with a $1-million initial public offering at 20 cents. Its IPO agents were Gravitas Securities Inc. and Canaccord Genuity Corp. The stock has yet to trade.

Nima Besharat, 39, is the chief executive officer of the shell. He is a lawyer and a vice-president at Gravitas Securities in Toronto. From 2016 to 2018, he was a manager at Toronto-Dominion Bank (TD: $76.84). Before that, he was a project manager for three years at Scotia Wealth Management. His brother, Kia Besharat, 37, is the head of capital markets origination at Gravitas Securities in Vancouver. Previously, from 2008 to 2013, Kia was a managing director of Ubequity Capital Partners Inc., an investment and financial advisory firm. He is the largest escrow shareholder of the shell, with one million escrow shares out of 3.7 million. The Besharat brothers sit on the board of Emerge Commerce Ltd. (ECOM: $1.41), an operator of retail websites.

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