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Shell Summary for July 17, 2020

2020-07-17 20:42 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 13.37 points to 674.95 Friday, but it ended the week down 9.76 points. Sheldon Pollack and Adam Adamou's first capital pool shell, OV2 Investment 1 Inc. (OVO: suspended), plans to acquire a communications infrastructure firm in Florida called Eastower Group Inc. for the shell's qualifying transaction. The shell will roll back 1 for 1.25421875, leaving it with eight million shares issued, then issue 23,893,674 shares to its target's shareholders and convertible debt holders.

Eastower Group, which operates through its wholly owned subsidiary called Eastower Communications Inc., was formed in Boca Raton in 2014. The company builds, installs, upgrades, maintains and decommissions communication towers and related systems to telecom providers, broadcast and cable television companies, radio operators, other corporate customers, and government agencies. It also installs antennas, as well as fibre optic cables in trenches. Eastower operates mostly in the Southeastern United States, with plans to expand into the Southwestern U.S. In connection with its going public, Eastower must sell a $3-million private placement. It has yet to set the offering price. The resulting issuer will use the proceeds to finance the company's expansion plans and for working capital.

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