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Shell Summary for Aug. 11, 2020

2020-08-11 20:37 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange dropped 30.22 points to 717.45 Tuesday. Michael Franks and Sa'ad Shah have listed their first capital pool shell, GHP Noetic Science-Psychedelic Pharma Inc. (PSYF), with a $1-million initial public offering at 20 cents. Its IPO agent was Echelon Wealth Partners Inc. Not unusually for a capital pool shell, GHP Noetic did not trade today. It is the 18th shell to list on the TSX-V this year. By this time last year, 40 shells had listed.

Mr. Franks lives in Toronto. He was previously the chief executive officer of First Med Inc., a U.S. ambulance company that at one point had 650 ambulances and 2,000 employees in six states. He left First Med in 2013. Five months later, the company filed for bankruptcy. In 2014, Mr. Franks founded Syncordia Technologies and Healthcare Solutions Corp., a Toronto firm that designed software for managing hospital patient schedules, ambulance dispatch, health records, billing and insurance claims. He took Syncordia public in 2015 through a shell. In connection with its listing, Syncordia raised $10-million at $3. Unfortunately for investors, the stock traded mostly under $1 for three years. Finally, in 2018, Syncordia delisted after going bankrupt with $14-million worth of debt.

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