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Shell Summary for May 29, 2020

2020-05-29 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 9.15 points to 553.77 Friday, ending the month up 82.03 points. It has nearly returned to its pre-COVID-19 index level of about 580 in February, having recovered from a low of 330 in mid-March. Laurence Rose's first capital pool shell, ADL Ventures Inc. (AVI: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of an Israeli/U.S. app developer called Real Technology Broker Ltd. ADL and Real have finally disclosed the QT terms in the filing statement. The shell, which has 9.1 million shares issued, will issue 110,303,495 shares to its target's shareholders. ADL and Real expect to close the QT next week.

Real Technology, formerly called Realtyka Tech Ltd., has an app called Real Agent, which enables real estate agents to search and view listings, advertise their own listings, chat with potential buyers or sellers, hold conference calls, manage appointments, make or receive referrals, perform accounting tasks, prepare reports, view market analyses, review contracts, and receive payments (presumably commissions). There are over 1,000 U.S. real estate agents using the app (and none elsewhere, though the company hopes to expand into Canada). Real Technology, which began operations in Texas in 2014, is now a licensed real estate brokerage in 21 U.S. states, competing with traditional realty companies such as RE/MAX and Century 21. Instead of conducting business in offices, however, its agents conduct business through the Real Agent app.

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