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Shell Summary for March 2, 2020

2020-03-02 20:34 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange recovered 15.67 points to close at 513.28 Monday. Kevin Ma and Alex Tong's first capital pool shell, E36 Capital Corp. (ETSC), has closed its $350,000 initial public offering at 10 cents. Its IPO agent was Haywood Securities Inc. The stock will begin trading on Wednesday.

There is no definitive word on E36's plans for a qualifying transaction as yet (it is looking at a mining or tech deal), and the resumes of its backers cast a rather wide net. Mr. Ma and Mr. Tong are accountants in Vancouver. Mr. Ma, 40, is the shell's chief executive officer. He has been a director or the chief financial officer of about a dozen public companies, including a few other shells. He is a director and the CFO of each of Carl Data Solutions Inc. (CRL: $0.185) and Netcoins Holdings Inc. (NETC: $0.19). Carl Data Solutions is a data collection, storage and analytics company. Netcoins, a former blockchain company, is now a shell on the Canadian Securities Exchange. It sold all of its operating assets in August and then rolled back 1 for 25 in November. Mr. Ma is also a financial adviser with Skanderbeg Capital Advisors Inc., a corporate finance advisory firm.

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