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Shell Summary for April 2, 2020

2020-04-02 20:24 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 5.03 points to close at 386.16 Thursday. Neil Currie's first capital pool shell, First Light Capital Corp. (XYZ: halted), has dropped its qualifying transaction, which was the acquisition of a tech firm called vMobo Inc. The shell provides no reason for the QT cancellation; it simply says it no longer intends to "engage in any further discussion or transaction with vMobo."

vMobo operates a website called vClusive, which enables users in India to buy luxury products and services (for instance, spa services) from 250 participating merchants. It has a payment-processing platform called vPay, through which vClusive users make their payments to the merchants. vMobo also owns an Indian-produced, English-language television channel called GoodTimes, which is a lifestyle channel. In the six months to Sept. 30, 2019, vMobo recorded an operating loss of $791,000 (U.S.) on revenue of $3.02-million (U.S.). Under its deal with First Light Capital, vMobo had to sell $5-million worth of units at 55 cents as well as $1.2-million (U.S.) worth of debentures, convertible into shares at 45 cents. There is no word on whether vMobo has been able to raise money since the QT was first announced in January.

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