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Shell Summary for Feb. 28, 2020

2020-02-28 20:44 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 22.98 points to close at 497.61 Friday, ending the week down 85.06 points and ending the month down 77.57 points. Brian Bayley and Murray Sinclair's capital pool shell, Rainy Hollow Ventures Inc. (RHV: halted), plans to acquire an e-sports company in Toronto called Reciprocity Corp. for the shell's qualifying transaction. The shell will roll back 1 for 4, leaving it with 1,073,533 shares issued, then issue about 35.8 million shares to its target's shareholders.

Reciprocity was founded in 2018 and is a manager of professional video game players. For instance, it manages a team of three players who compete in a tournament called Rocket League Championship Series. Rocket League is a video game in which rocket-powered cars play soccer. (The human players control the cars, with the goal of bumping the soccer ball into the other team's net.) The tournament, which is the ninth of its kind since 2016, began three weeks ago and will end on March 28. There are 10 teams competing, and there will be no losers. Each team that finishes between sixth place and 10th place will receive $26,400 (U.S.). The cash prizes go up from there to $39,400 (U.S.) for second place and $44,400 (U.S.) for first place. No word on how this odd enterprise manages to make money, as there is no entry fee for the teams, but it undoubtedly has some marketing value. The host of this tournament is Psyonix LLC, the maker of Rocket League. On March 1, Reciprocity's Rocket League team will play against FC Barcelona E-sports, a video gaming team owned by the FC Barcelona soccer club.

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