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Shell Summary for July 16, 2020

2020-07-16 20:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 5.81 points to 661.58 Thursday. Rajeev (Rob) Bakshi's first capital pool shell, Crystal Bridge Enterprises Inc. (CRYS: halted), plans to acquire a pharmaceutical firm called Alpha Cognition Inc. for the shell's qualifying transaction. The shell will roll back 1 for 7.14, leaving it with 1,640,056 shares issued, then issue 72.5 million shares to its target's shareholders.

Alpha Cognition, formerly called Neurodyn Cognition Inc., has a laboratory in Charlottetown, PEI. The company's lead drug candidate, Alpha-1062, is undergoing clinical trials and is meant to treat Alzheimer's disease. Alpha Cognition is working to gain approvals for Alpha-1062 in the United States, Europe and Japan. It has a second drug candidate, Alpha-602, which is meant to treat ALS (amyotrophic lateral sclerosis), also known as Lou Gehrig's disease. Alpha-602 is in the preclinical trial stage.

According to documents filed with the B.C. Securities Commission, Neurodyn in September, 2019, sold $7.9-million worth of shares at $1.53 to 19 investors in Canada and the U.S. That same month, it raised another $4.61-million by selling 10-per-cent notes to 17 Canadian and U.S. investors. Now, in connection with the QT, Alpha Cognition and Crystal Bridge together plan to sell a $4-million (U.S.) private placement. There is no offering price yet.

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