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Shell Summary for Jan. 29, 2020

2020-01-29 20:29 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 1.86 points to close at 577.49 Wednesday. Stephen Shefsky's first capital pool shell, BB1 Acquisition Corp. (BBA: halted), has cancelled its qualifying transaction, which is the acquisition of an Israeli pharmaceutical cannabis start-up called PlantExt Ltd. Having called off the transaction, the shell will resume trading on Friday.

BB1 did not provide a reason for the QT cancellation. One common reason that shell deals fall through, however, is the failure to raise money. Under the agreement between PlantExt and BB1, PlantExt needed to raise money before the QT could close. In July, 2019, it arranged a $7-million (U.S.) private placement at $1.25 (U.S.). Had the QT closed, the resulting issuer would have used the proceeds for research and development of the cannabis-based anti-inflammatory drug that PlantExt had been working on. It would also have used the proceeds to help a joint venture partner launch a line of cannabis-based skin care products.

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