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Shell Summary for March 18, 2020

2020-03-18 19:51 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 35.92 points to close at 338.80 Wednesday. David Henderson's first capital pool shell, CE Brands Inc. (CEBI: halted), has provided an update on its qualifying transaction, which is the acquisition of eBuyNow eCommerce Ltd. The shell will roll back 1 for 5, leaving it with 1.72 million shares issued, then issue 85,761,446 shares to its target's shareholders. Originally, the rollback ratio was 1 for 10, and the shell was going to issue 39,507,935 postconsolidated shares to its target's shareholders. Among the other updates are QT financing terms and some financial results of the QT target.

eBuyNow is a Victoria, B.C., company that was formed in 2012. It manufactures private-label consumer electronics, including security cameras and baby monitors for Kodak (yes, it still exists, at least in name), and "smart" watches for Motorola (these watches are the kind that can tell you how many footsteps you have taken). eBuyNow sells its products through Amazon and other on-line retailers. As of 2018, it was also selling products in physical retail stores in 24 countries. Among the other products that it has designed and manufactured are headsets and cameras for Microsoft.

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