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Shell Summary for Aug. 7, 2020

2020-08-07 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 2.13 points to 739.98 Friday, but it ended the week up 18.74 points. Chris Schnarr has filed a preliminary prospectus to list his third capital pool shell, Stormcrow Holdings Corp. It plans to sell a $1-million to $2-million initial public offering at 10 cents through Industrial Alliance Securities Inc.

Mr. Schnarr, 53, lives in Mississauga. He has been a director of eight public companies, currently including a medical software developer, Vitalhub Corp. (VHI: $1.63), which rolled back 1 for 10 earlier this year. Mr. Schnarr listed his first capital pool shell, Lorian Capital Corp., in 2007 with an $800,000 IPO at 10 cents. That same year, the shell closed its qualifying transaction by launching Medworxx Solutions Inc., a medical software developer. In the eight years that Medworxx traded, its stock was illiquid and spent most of its time under the break-even price for Lorian Capital's IPO investors. We therefore consider the shell to have been a failure for them. In 2015, Medworxx was taken private by a U.S. software firm called Aptean Corp.

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