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Shell Summary for Jan. 17, 2020

2020-01-17 20:55 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.39 points to 584.50 Friday, ending the week up 2.15 points. Neil Currie's first capital pool shell, First Light Capital Corp. (XYZ: halted), plans to acquire a tech firm called vMobo Inc. for the shell's qualifying transaction. The shell will roll back 1 for 2.39, leaving it with 5,230,125 shares issued, then issue about 42.1 million shares to its target's shareholders.

vMobo was founded in 2008. It has offices in Fremont, Calif., and Bangalore, India. The company's main product is a website and app called vClusive, which enables users in India to buy luxury products and services (such as spa services) from 250 merchants. vMobo estimates that vClusive has more than 270,000 users. It has not said how much money it makes from these users.

Over the years, vMobo has raised money, and acquired and sold several assets. In 2011, according to two documents filed with the U.S. Securities and Exchange Commission, vMobo raised $1.33-million (U.S.) in equity and debt financings involving six to eight investors. (The company never had a U.S. listing. It simply filed two documents in 2011 in connection with offerings of its securities.) In 2016, it acquired an Indian payment-processing platform, which it now calls vPay. Those who buy products or services through vClusive make their payments through vPay. In 2018, vMobo acquired an English-language television channel called GoodTimes. This is an Indian-produced lifestyle channel with 80 million viewers in India and one million paying subscribers outside India. The channel's programs include Gourmet Central, Bolly Food, Big Fat Indian Wedding, Around the World in 85 Plates and Spectacular Spas Around the World. vMobo is now working on launching another lifestyle channel, this time an American-produced one called PanDesi, which will target Indians in the United States.

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