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Shell Summary for April 21, 2020

2020-04-21 20:36 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 6.82 points to 437.94 Tuesday. Mark Fekete's first capital pool shell, Auston Capital Corp. (ASTN: halted), plans to acquire Diagnostic Lab Corp. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 3.1 million shares issued, then issue 32 million shares to its target's shareholders.

Diagnostic Lab is a New Jersey holding company for analytical testing labs. In 2016, it made its first acquisition, that of a food testing company near Portland, Maine, called Dirigo Food Safety LLC. The founder and chief executive officer of Dirigo, Michele Pfannenstiel, has since become the chief science officer of Diagnostic Lab.

In 2017, Diagnostic Lab began offering a marijuana testing and certification service, called Certify It Now, for U.S. medical and recreational marijuana growers and dispensaries. The service included verifying the type of strain, the origin and the quality of marijuana samples. Today, Diagnostic Lab still offers its Certify It Now service, but for hemp products (including hemp-based food) instead of marijuana.

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