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Shell Summary for May 22, 2020

2020-05-22 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 5.11 points to 536.94 Friday, ending the week up 27.95 points. Jeremy Edelman's first capital pool shell, Hampton Bay Capital Inc. (HPB: halted), has closed its qualifying transaction, which was the acquisition of a small-business lender in Toronto called Lendified Holdings Inc. The shell rolled back 1 for 1.88, leaving it with 8,414,627 shares issued, then it issued 83,666,294 shares to its target's shareholders. Those shareholders included the subscribers to a $3-million private placement at 25 cents, which Lendified closed last month. On Monday, the resulting issuer will begin trading as Lendified Holdings Inc. (LHI).

Lendified provides loans, ranging from $5,000 to $150,000, to high-risk corporate borrowers across Canada. It typically charges interest rates between 29.99 and 39.90 per cent. In addition to this main business of lending, Lendified offers its Judi.ai software platform to other lending firms; the software processes loan applications. Lendified claims to have programmed Judi.ai with artificial intelligence, enabling it to analyze 10 million data points each time it processes a loan application. The company boasts that the software performs such analysis and reaches a decision in about four minutes. Among the users of Judi.ai are the Vancouver City Savings Credit Union (Vancity), Sudbury Credit Union and Toronto's Duca Credit Union.

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ship captain...front man for who?

Posted by oh at 2020-05-25 09:29