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Shell Summary for Feb. 25, 2021

2021-02-25 20:48 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 28.15 points to 1,032.28 Thursday. James Decker and Johnny Ciampi's first capital pool shell, Valdy Investments Ltd. (VLDY: halted), plans to acquire an aspiring cryptocurrency and security token trading company, INX Ltd., for the shell's qualifying transaction. The shell will roll back 1 for 1.4, leaving it with five million shares issued, then issue 175 million shares to its target's shareholders.

INX was formed in 2017 and has since been attempting to operate a trading platform for "cryptocurrencies and security tokens." (We will return to the "security tokens" part of this shortly.) Usually, a cryptocurrency trading platform is a website where any individual with a credit card can buy and sell cryptocurrencies. In INX's case, however, its goal is to operate something more like a regulated exchange, one that would adhere to the rules of the U.S. Securities and Exchange Commission, as well as the U.S. Financial Industry Regulatory Authority (FINRA).

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